Apple CEO Tim Cook Visits Shanghai, Hints At Opening More Stores Amid Declining Sale In China
Portfolio Pulse from Benzinga Neuro
Apple Inc. CEO Tim Cook is visiting Shanghai, hinting at opening more stores in China despite declining iPhone sales and increased competition. Cook's visit follows the announcement of a new Apple store in Shanghai, as the company faces challenges in its third-largest market. iPhone sales in China dropped by 24% in the first six weeks of the year, with Apple falling to fourth place among smartphone vendors. Resellers have been forced to offer significant discounts on the iPhone 15 series.
March 20, 2024 | 6:30 am
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Apple Inc. faces declining iPhone sales in China, dropping to fourth place among vendors. A new store opening and significant discounts on the iPhone 15 series indicate efforts to boost market presence.
Tim Cook's visit to Shanghai and the opening of a new Apple store, despite declining sales and increased competition, suggest a strategic move to strengthen Apple's presence in China. However, the significant drop in iPhone sales and the need for heavy discounts indicate a challenging market environment, likely leading to a negative short-term impact on AAPL's stock price.
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