Apple on track for a fifth day of losses as iPhone sales in China slump 24%
Shares of Apple (NASDAQ:AAPL) fell 1.5% in premarket trading Tuesday following reports that the iPhone maker saw sharp sales declines in China’s smartphone market during the first six weeks of 2024.
The stock is on track for its fifth day of negative performance.
According to a report by Counterpoint Research, Apple, Oppo, and Vivo all witnessed double-digit year-over-year declines during this period.
iPhone sales plummeted 24%, while overall smartphone unit sales in China fell 7% from a year-ago period.
There are several factors behind Apple’s double-digit dip.
“Primarily, it faced stiff competition at the high end from a resurgent Huawei while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi,” analysts said.
“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now,” they added.
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