Apple CEO Tim Cook says Apple continues to enjoy improving sales in China, despite worries about a slowdown in economic growth there.
“I can tell you that we have continued to experience strong growth for our business in China through July and August,” he wrote in an e-mail to CNBC anchor Jim Cramer, which was posted by the network early Monday.
Cook says he’s also confident growth can continue going forward.
“Obviously I can’t predict the future, but our performance so far this quarter is reassuring,” he wrote. “I continue to believe China represents an unprecedented opportunity over the long term.
He said high speed wireless penetration is still very low in China, and that he expects massive growth of the middle class over the next several years. (Read the full letter here).
Investors have been worried about what the slowdown in China means for Apple.
Apple shares opened down another 10% at the start of trading Monday. But helped by Cook’s comment, and a comeback for U.S. stocks, shares were about 2% higher at midday. Even with that rebound, Apple shares are down nearly 20% since reaching a peak on July 20.