Apple share price down 3% on Monday

Apple, the tech company founded by Steve Jobs saw its share price fall 3% on Monday, forcing CEO Tim Cook to send an email to CNBC’s Jim Cramer to allay fears.


After the email was sent, Apple share price regained ground by 2%.

Some analysts believe Apple’s stock is falling because it places inordinate faith in its smartphone the iPhone at a time when smartphone sales globally are beginning to peak.

The email read: 
“As you know, we don’t give mid-quarter updates and we rarely comment on moves in Apple stock but I know your question is on the minds of many investors.
“I get updates on our performance in China every day, including this morning and I can tell you that we have continued  to experience strong growth  for our business in China through July and August.
“Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the APP store in China for the last two weeks.
“Obviously I can’t predict the future, but our performance so far this quarter is reassuring.”

Apple shares fell to as low as $92 on Monday but finished at $103.15

Apple sold 31 million iPhones, 14.6 million iPads and 3.8 million Macs last quarter.