Apple hit by Chinese iPhone sales worries

APPLE’S market capitalisation fell below $500bn yesterday following news that the iPhone maker had fallen behind competitors in the crucial Chinese market.

Although the stock recovered to finish slightly up yesterday, Apple has still lost more than eight per cent of its value this week, and is far below September’s $659bn value. Researchers IDC said Apple had fallen to sixth in China’s smartphone rankings. China is set to become the world’s biggest smartphone market this year.

The research came as Tim Cook, the company’s chief executive, said he would move some production of its Mac computers to the US. Apple was also back in court against rival Samsung, which is trying to overturn a $1.05bn (£654m) fine over using Apple technology in its devices.