Apple iPhones sales fall 24% in China amid competition and headwinds
CNN
iPhone sales dropped 24% in the first six weeks of 2024, pointing to competition from Huawei, trade tensions and regulatory hurdles.
iPhone sales dropped 24% in the first six weeks of 2024, according to a new report, adding to significant problems for Apple and other Western tech companies in a crucial market. Analysts from Counterpoint Research said the overall mobile market in China fell by 7% with companies including Apple, Oppo and Vivo experiencing declines. But the problem for Apple has been ongoing for a year as China’s economy slows down, and trade tensions and nationalism heat up. Customers that once would have considered Apple are now turning to national brands, particularly Huawei, Counterpoint said. “Primarily, [Apple] faced stiff competition at the high end from a resurgent Huawei while getting squeezed in the middle on aggressive pricing from the likes of Oppo, Vivo and Xiaomi,” Mengmeng Zhang, a Counterpoint senior analyst, said in a press release. “Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now.” Apple shares slid 2.8% on Tuesday. The stock has fallen about 11.6% this year on concerns about weakening sales, particularly in China. The company did not respond to a request for comment.
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