Apple Faces Headwinds In China: iPhone Sales Down As Huawei Thrives
Portfolio Pulse from Benzinga Neuro
Apple Inc. (NASDAQ:AAPL) is facing a slump in iPhone sales in China, with a reported 6% fall during the iPhone 15 series launch month compared to the same period last year. This is attributed to the resurgence of local competitor Huawei Technologies Co., which has seen its Mate 60 series register close to 1.5 million sales during its launch month. Apple, which derives around 20% of its revenue from China, is also dealing with escalating U.S.-China tensions and an iPhone prohibition in some government-backed agencies and state-owned enterprises.
October 30, 2023 | 8:06 am
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Apple's iPhone sales in China have fallen by 6% during the iPhone 15 series launch month, while local competitor Huawei's sales have surged. Apple is also dealing with U.S.-China tensions and an iPhone prohibition in some Chinese agencies.
Apple's sales in China, a critical market for the company, have fallen, which could negatively impact its revenue and stock price. The resurgence of Huawei, a local competitor, and the escalating U.S.-China tensions, along with an iPhone prohibition in some Chinese agencies, are likely to further impact Apple's performance in the Chinese market.
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