Apple Warranty Policy: As we discussed yesterday, Apple Inc. (NASDAQ:AAPL) has found itself in a bad spot in China. Not only is the company getting a lot of heat regarding its warranty practices, but the company’s treatment of the state controlled media was not up to par.
With all this in mind, Apple Inc. found itself in trouble, hoping to make things right before the company’s image took a huge hit.
Apple Inc. (NASDAQ:AAPL) is actually the smart money’s second favorite publicly traded company but hedge funds have started dumping Apple in favor of a surprising financial stock (see which stock hedge funds are buying like crazy).
Enter Tim Cook. The CEO of Apple took over responsibility for controlling the damage, even issuing a rare letter of apology.
Just yesterday, things looked bad for the company. Today, as is being reported by Reuters, things have changed for the better.
It appears that the company’s apology to Chinese consumers was enough to win over the country and get back on the right track in a market that is sure to bring big things to the Cupertino-based company in the future.
The newspapers that were killing Apple Inc. (NASDAQ:AAPL) just a few days ago are now singing the praises of the tech giant.
Global Times, published by Communist Party mouthpiece the People’s Daily, had to say:
“The company’s apology letter has eased the situation, softening the tense relationship between Apple and the Chinese market … Its reaction is worth respect compared with other American companies.”
Believe it or not, the Foreign Ministry even got in on the action. Here is what Hong Lei told a daily news briefing earlier today:
“We approve of what Apple said.”
Short, sweet, and to the point.
In the past, companies in the same position as Apple Inc. (NASDAQ:AAPL), such as HP, lost tons of money due to similar situations. However, Apple was able to squirm out of a tough spot thanks to the help of its CEO.
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DISCLOSURE: I have no positions in any stock mentioned.
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