Apple Drops From 3rd To 6th In China Amid Intensifying Competition, Huawei Shipments Surge 41% In Q2: Report
Portfolio Pulse from Rounak Jain
Apple Inc. (NASDAQ:AAPL) has dropped from third to sixth place in the Chinese smartphone market, with its market share falling to 14% in Q2 2024. Meanwhile, Huawei has seen a 41% increase in shipments, driven by the launch of its Pura 70 series. Apple faces intense competition and has increased discounting efforts to regain market share.
July 25, 2024 | 11:42 am
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Apple's market share in China has dropped from third to sixth place, with a 14% share in Q2 2024. The company faces intense competition from Huawei, which saw a 41% increase in shipments. Apple has increased discounting efforts to regain market share.
Apple's significant drop in market share in China, coupled with Huawei's strong performance, indicates a challenging environment for Apple. The company's increased discounting efforts may not be sufficient to counteract the competitive pressure, leading to potential short-term negative impact on its stock price.
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