Apple Inc's Chief Executive Tim Cook took an unusual step of reassuring shareholders on Monday in comments to CNBC about the iPhone maker's business in China ahead of a dramatic 13 percent drop and rebound in its stock that put it in positive territory.
Chinese consumers are critical to fueling demand for iPhones, and a slump in the country's stock market and Beijing's recent devaluation of the yuan have shaken Apple investors already worried about slowing growth in the world's No. 2 economy.
With Chinese stocks plunging close to 9 percent earlier on Monday, Cook took the rare step of commenting on the health of Apple's business midway through a financial quarter. Before the opening bell on Wall Street, he wrote in an emailed response to questions that iPhone activations in China had accelerated over the past few weeks.
He also said the App Store in China had its best performance of the year over the past two weeks.