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Apple’s iPhone sales in China are off to a tough start this year, with sales down 24% from a year ago in the first six weeks, according to a new report from research firm Counterpoint.
Analysts said the decline was mainly due to intense competition in the market, especially from China’s Huawei, which saw the company’s smartphone sales increase by 64% year-on-year. .
China’s Huawei saw domestic smartphone sales increase by 64% year-on-year in the first six weeks of 2024. (Reuters/Allie Song/Reuters Photo)
“mainly, [Apple] “It has been squeezed in the middle by aggressive pricing from the likes of OPPO, vivo, and Xiaomi, while facing tough competition from a resurgent Huawei at the high end,” said a senior analyst at Counterpoint. Zhang Mengmeng said in a statement.
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“While the iPhone 15 is a great device, there are no significant upgrades from previous versions, so consumers feel comfortable continuing to use previous-generation iPhones for now,” Zhang added. Ta.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| AAPL | Apple. | 170.12 | -4.98 | -2.84% |
The iPhone maker’s stock fell 3% on Tuesday, losing about 10% of its value so far this year and underperforming major U.S. tech companies.
Apple beat analysts’ expectations for last quarter’s revenue and profit, largely due to strong iPhone sales around the world except China. (Josh Edelson/AFP via Getty Images/Getty Images)
According to a report by Counterpoint, Apple’s share of the Chinese smartphone market fell to 15.7%, from second place with 19% in the same period last year to fourth place.
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Apple beat Wall Street expectations on revenue and profit last quarter, helped by growth in its iPhone business around the world, but reported lagging sales, particularly in China.
Apple CEO Tim Cook waves as he arrives at an economic summit held for the China Development Forum in Beijing on March 23, 2019. (NG HAN GUAN/AFP via Getty Images/Getty Images)
Apple CEO Tim Cook told Reuters in an interview last month: “We certainly liked the 6% (sales growth) for the iPhone.” “iPhone had particularly strong double-digit growth in emerging markets outside of China. iPhone is doing well in these markets.”
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Cook added: “China is the most competitive smartphone market in the world and that hasn’t changed.”
Reuters contributed to this report.
