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Tim Cook Visits China Ahead of New Apple Store Opening in Shanghai

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Apple CEO Tim Cook is touring Shanghai, China this week, meeting with retail employees, suppliers, developers, the film industry, and others. He has been sharing photos from his trip on Chinese social media platform Weibo.

Tim Cook Shanghai
Cook’s visit is timed with the upcoming grand opening of Apple’s new Jing’an store in Shanghai on Thursday, March 21 at 7 p.m. local time.

Apple provided more details about the store in a recent press release.

Apple JinganApple Jingan
“Located next to the landmark Jing’an Temple, Apple Jing’an is a must-see destination in Shanghai,” said Apple. “Approaching the store through a grove of maple trees that line the upper plaza, visitors are treated to a stunning view of the temple. As customers descend down the stairs, they pass by terracing, double-curved walls that extend forward in a circle to form amphitheater seating that will host Today at Apple sessions specially created for Apple Jing’an to celebrate the community and its creators.”

A custom wallpaper with a flower-like Apple logo is available for download for the iPhone, iPad, and Mac on the store’s page.

Apple Jingan WallpaperApple Jingan Wallpaper
Those who attend the grand opening of Apple Jing’an will receive a custom tote bag, pin, and Apple logo sticker, according to Michael Steeber’s weekly newsletter about Apple’s retail stores. His newsletter provides a closer look at the store’s design.

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Apple Agrees to Pay $490M to Settle Lawsuit Alleging That Tim Cook Defrauded Shareholders

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Apple has agreed to pay $490 million to settle a class action lawsuit alleging that Apple CEO Tim Cook defrauded shareholders by concealing falling demand for iPhones in China, according to Reuters, which cited a court filing today. The proposed settlement requires approval by U.S. District Judge Yvonne Gonzalez Rogers in California.

Tim Cook iPhone 11 Pro
On a November 1, 2018 earnings call with analysts, Cook said Apple was facing pressure in emerging markets where local currencies were weakening, such as Turkey, India, Brazil, and Russia, but he did not include China in the list:

The emerging markets that we’re seeing pressure in are markets like Turkey, India, Brazil, Russia. These are markets where currencies have weakened over the recent period. In some cases, that resulted in us raising prices and those markets are not growing the way we would like to see.

Cook went on to say the following about China on the call:

In relation to China specifically, I would not put China in that category. Our business in China was very strong last quarter. We grew 16%, which we’re very happy with. iPhone in particular was very strong, very strong double-digit growth there. Our other products category was also stronger, in fact, a bit stronger than even the overall company number.

A few months later, in January 2019, Cook shared a letter to investors indicating that Apple’s revenue for the fourth quarter of 2018 would be around $84 billion, lower than its original guidance of between $89 billion and $93 billion in the quarter. Apple ended up reporting revenue of $84.3 billion in the quarter on January 29, 2019.

Apple’s share price dropped around 25% between November 1, 2018 and January 31, 2019.

In his letter, Cook said the Greater China region’s slowing economy was largely to blame for Apple’s revenue shortfall in the quarter:

While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.

The letter added that lower-than-anticipated iPhone revenue, primarily in Greater China, accounted for the entire revenue shortfall:

Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline.

Investors alleged that Cook knew that iPhone demand was falling in China at the time of the November 2018 earnings call, but failed to disclose it. Apple has denied these allegations and has not admitted to any wrongdoing. Apple only agreed to the proposed settlement to avoid additional costs and time involved with litigation, the filing says.

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Apple CEO Tim Cook Makes Unusual Appearance in Porsche Taycan Turbo GT Premiere Video

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Apple CEO Tim Cook today appeared in Porsche’s video announcement for the Taycan Turbo GT electric performance car.

The Porsche Taycan Turbo GT is the most powerful production car the brand has ever made. During its premiere video, Porsche briefly showed off its custom race engineer cockpit app for the Vision Pro that allows a spectator to view laps from the perspective of the driver accompanied by key statistics and a track map in 3D space.

porsche taycan visionos track app
Speaking to Porsche CEO Oliver Blume, Cook congratulated the automaker on the new vehicle and highlighted the potential of the Vision Pro headset to “reimagine track experiences.”

Good morning, Oliver. Congratulations to you and the Porsche team on the new record you’ve set with this incredible new vehicle. It’s these kinds of extraordinary milestones that show the world what can happen when a team of incredibly dedicated people come together to break new ground on a big idea. Porsche has always been known for excellence and we’re proud to see a number of our products play a role in what you do and it’s so great to see Apple Vision Pro helping reimagine track experiences.

I believe deeply that spatial computing has the potential to revolutionize virtually every industry and you’re showing one of the many ways Apple Vision Pro is going to make the impossible possible.

The CEOs noted their companies’ partnerships over the years, such as the Porsche app and Apple CarPlay integration. Porsche is often among the first automakers to adopt and integrate with Apple technologies, such as Apple CarPlay, a native Apple Music app, vehicle functions in Apple CarPlay, and the next-generation CarPlay experience. The brand even offers CarPlay-equipped audio systems compatible with classic Porsche vehicles dating as far back as the 1960s. Nevertheless, Cook’s appearance in another company’s announcement video is unusual.

Thanks, Michael Burkhardt!

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