'I Sense Serious Apple Panic': Jim Cramer Says 'Nothing Good Is Going To Come Of China' For Cupertino After iPhone's 24% Plunge
Portfolio Pulse from Rounak Jain
Jim Cramer has expressed concern over Apple Inc.'s future in China following a 24% drop in iPhone sales in the first six weeks of 2024, including the Lunar New Year period. This decline is part of a broader trend of challenges for Apple in China, including a rare iPhone discount during the Lunar New Year sale to counter economic deflation, price cuts by resellers, and adverse impacts from China's iPhone ban and security advisories. Apple's December 2023 quarter already showed a 13% decline in iPhone sales in China, marking it as a weak quarter. Additionally, competition from Huawei's resurgence is intensifying the situation.
March 05, 2024 | 12:30 pm
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Apple Inc. faces significant challenges in China with a 24% drop in iPhone sales in early 2024, amidst economic deflation, discounts, a ban, and competition from Huawei.
The 24% drop in iPhone sales in China during a crucial sales period, combined with economic challenges, regulatory hurdles, and increasing competition, directly impacts Apple's revenue and market position in a key market. This situation is likely to negatively influence investor sentiment and Apple's stock price in the short term.
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IMPORTANCE 90
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