Why is width on views not working?

Hello everyone. I am new to Xamarin.
I was building my HelloWorld app. I created an iPhone Single View Application, and then drag a label into the view. After that, I adjusted the width of the label so that it is wide enough to display the text "Hello World!".
However, when I run the app, it looks like this:

I am using the latest version of Xamarin for Visual Studio, Xcode and Xamarin Studio on the Mac Agent.
Could someone please help me? Thanks!

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