It should comes as no surprise

2024-04-23

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. 😁

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

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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. Consumers are also embracing Huawei’s return to prominence after it debuted a made-in-China chip that US sanctions were meant to prevent.Counterpoint’s data represented the first full picture of the first quarter. The research house said last month in an initial estimate that iPhone sales in China had fallen about 24% in the first six weeks of 2024.The iPhone maker resorted to uncommon January discounts in China to help sustain sales of its latest generation of devices. Its retail partners there also offered enticements, taking as much as $180 off the regular price.“Apple’s sales were subdued during the quarter as Huawei’s comeback has directly impacted Apple in the premium segment,” senior Counterpoint analyst Ivan Lam said. “Besides, the replacement demand for Apple has been slightly subdued compared to previous years.”Apple, once the world’s most valuable company, has seen its shares fall 14% this year, underperforming the overall market. 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. Apple is also battling perceptions of having fallen behind in the race to deploy artificial intelligence.","news_type":1,"symbols_score_info":{"AAPL":1.1}},"isVote":1,"tweetType":1,"viewCount":3060,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":187,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/298364100059232"}