Billionaire activist investor Carl Icahn has sold out of his holding in tech giant Apple after it reported its first quarterly revenue fall in 13 years.
Icahn owned just under 1% of the company's shares and told CNBC he had made around $2bn while holding Apple, a stock he continues to call "cheap", despite his current reservations.
The billionaire attributed his decision largely to China's attitude towards the firm.
He said: "We no longer have a position in Apple," adding that China's government could "come in and make it very difficult for Apple to sell there...you can do pretty much what you want there".
Icahn maintained Apple was a "great company" and CEO Tim Cook was "doing a great job", and that he would buy back into it if China "was basically steadied".
The investor bought his position in 2013, having previously told CNBC it was a "no brainer". In September, he told the broadcaster he was considering buying more of the company's stock, saying it looked cheap.
Apple shares slide after first quarterly revenue fall in 13 years
This week, Apple reported its first year-on-year decline in quarterly revenues in the history of the iPhone, undershooting analysts' expectations, driven by a growing preference for cheaper alternatives to Apple products among consumers.
The tech giant reported revenues of $50.6bn for the first three months of the year, 13% lower from the previous year, while its earnings per share were down 18% to $1.90.
A particular area of weakness for Apple during the quarter was the Greater China segment - comprising mainland China, Taiwan and Hong Kong - having previously provided consistent growth for the company.
Mark Hawtin, investment director at GAM, told Investment Week earlier this year Apple will struggle in a smartphone market that is becoming saturated at the high end.
He said: "China is a real concern for Apple because it is clear now the iPhone is not seen as a utility product but as a luxury item. Luxury brands are struggling in the slowdown; more utility names are not - Starbucks and Nike, to name but two.
"Apple is clearly in the luxury category and the Chinese are pulling back from big ticket items."
Meanwhile, Luca Maestri, CFO at Apple, said on Tuesday: "We remain very optimistic about the China market over the long term, and we are committed to investing there for the long run."
