Shares of Apple's supply chain companies in the A-share market experienced a downturn on April 21. By the midday close, Lingyi iTech had fallen 3.01%, Lens Technology declined 2.79%, Luxshare Precision dropped 2.46%, Goertek slid 2.29%, and Foxconn Industrial Internet decreased 1.20%.
The market movement follows recent developments involving Apple. On April 20 local time, the company announced the appointment of John Ternus as its new Chief Executive Officer, succeeding Tim Cook. John Ternus is scheduled to assume the CEO role on September 1 this year, while Cook will transition to the position of Executive Chairman of the board.
Separately, reports from April 20 indicated that Apple may face an antitrust penalty in India amounting to $38 billion. This antitrust case originated in 2021 when the Alliance of Digital India Foundation and Match Group, the parent company of Tinder, filed a lawsuit against Apple. They alleged that Apple forced developers to use its proprietary in-app purchase system while charging high commissions, constituting an abuse of market dominance. Three years later, investigators from the Competition Commission of India issued a report confirming Apple's engagement in related abusive practices, though no final penalty decision has been made.
In 2024, India introduced new antitrust regulations that explicitly allow regulators to calculate fines based on a company's global turnover, rather than solely on its revenue within India. In November 2025, Apple filed a petition with the Delhi High Court challenging the legality of these new rules. The company argued that if penalties were calculated as 10% of its average global services revenue over the past three fiscal years, the fine could reach up to $38 billion. In January of this year, the Competition Commission of India opposed Apple's challenge.
Despite these regulatory challenges, Apple's financial performance remains strong. The company's fiscal first-quarter 2026 results, for the period ending December 27, 2025, showed revenue of $143.8 billion, a 16% year-over-year increase. Net profit reached $42.1 billion, up 15.9% compared to the same period last year. Notably, the iPhone achieved its best quarterly performance ever, with revenue growing 23% year-over-year.
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