United States

Apple shares flirt with $1 trillion valuation on China sales uptick

Apple shares spiked more than 5 percent Tuesday after the iPhone maker said sales in China are bouncing back — bringing the tech giant back to the brink of a $1 trillion market cap. Apple offset news of a quarterly sales decline Tuesday with strong forecasted third-quarter revenue that beat analyst expectations — backed by chief executive Tim Cook saying that the company’s China sales problem may finally be letting up thanks to its generous iPhone price cuts. “Our trade-in and financing programs that we implemented in our retail stores have been really well-received there,” Cook said on a call with investors, adding that the improved trade relationship between the US and China in recent weeks have improved Chinese consumer ...