CNBC's senior correspondent for Asia Pacific, Eunice Yoon, discussed Apple Inc. AAPL's disappointing second-quarter results, specifically focusing on the company's operations in China.
Yoon began the conversation by citing a recent CNBC interview with Jia Yueting, CEO and chairman of LeEco, a China-based conglomerate that is active in the smartphone and other technology markets. Jia told CNBC he thinks Apple's products and technology is "outdated." The executive stated that the Chinese smartphone market is moving more towards services.
Related Link: Apple Gets More Shareholder-Friendly After Disappointing Results
"From his perspective he was showing me some of his phones and you can watch nine different broadcast channels at the same time," Yoon said. "He is saying it is all about content now."
Yoon continued that Apple is seen "more as a hardware company with some services" in China. She added that Apple also faces some challenges from China's government who recently shut down its iTunes and similar services.
Shares of Apple were trading lower by more than 8 percent early Wednesday morning.
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