The tech giant's woes include lackluster iPhone 15 sales in China, a strained relationship with the Chinese government, and fierce competition from local rival Huawei. Apple also abandoned a decade-long project to build an electric car in February, leading to layoffs. In March, the company was fined about $1.95 billion for abusing its market dominance, and it is also facing a lawsuit accusing it of using illegal anticompetitive behaviors in the smartphone market.
Key takeaways:
- Apple has faced a challenging start to 2024, with struggles in China, a massive fine, a lawsuit, and the layoff of over 600 staff after abandoning two major projects.
- The company's iPhone 15 sales in China were described as 'lackluster' and the Chinese government has been cracking down on the use of iPhones in the country.
- Apple was fined 1.8 billion euros by the European Commission for abusing its market dominance and is facing a lawsuit from the US Justice Department accusing it of using illegal anticompetitive behaviors in the smartphone market.
- The company's stock has slid around 12% this year, sparking concerns from investors and Wall Street about the company's focus and pace in AI development.