After much anticipation, Apple (AAPL
) has finally secured the necessary license to sell its iPhone devices for China Mobile, the largest carrier in the emerging economy.
China Mobile has approximately 740 million subscribers in China, making this deal especially significant for the tech giant. The low-cost iPhone 5C debuted yesterday and will be used to target emerging markets like China, making this deal all the more significant. Apple has been reportedly in talks with China Mobile since 2011, when Steve Jobs personally traveled to attempt to secure the deal.
Investors spent the day sulking over Tuesday’s debut of two new iPhones, which were not up to expectations, as shares have been tanking ever since the announcement.
Apple shares finished the day down a hefty $26.93, or 5.76%. The stock is now over 33% away from its 52-week high.
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