Apple’s China iPhone Sales Dive 19% in Worst Quarter Since 2020

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Apple’s China iPhone Sales Dive 19% in Worst Quarter Since 2020

Bloomberg04-23

It continues to shed market share to local rivals like HuaweiApple is grappling with uncertainty around its flagship deviceApple iPhone 15 smartphones at an Apple store in Beijing.Apple Inc.’s iPhone ...

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TigerVision888
·04-23
And yet its share price is still holding so well like nothing happened
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chaicka
·04-23
It should comes as no surprise given Apple underestimated the impact of 'moving manufacturing of Apple devices out of China', rendering their devices as 'foreign' products that no longer contributes to China's growth. 😁
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The market as a whole expanded about 1.5% as local brands including Honor Device Co. and Xiaomi Corp. led growth.The iPhone weakness is remarkable in part because the first quarter, when China celebrates the Lunar New Year, is traditionally a period of heightened consumption. Huawei in contrast climbed almost 70%, underscoring its resurgence in the premium segment that Apple once dominated.Counterpoint’s data follows analysis from IDC showing global iPhone shipments falling almost 10% in the first three months of 2024, raising concerns about Apple’s ability to sustain growth just as it prepares to report earnings May 2.China remains one of the company’s biggest markets, but business there has grown harder after Beijing escalated a ban on foreign devices in state-backed firms and government agencies. 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Its market valuation is still $2.56 trillion, second only to Microsoft Corp.Investors are focused on how the company intends to stave off potential market share losses in the months before its next upgraded family of handsets arrives in the fall. 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