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Apple's iPhone shipments in China fell yet again

Mar 27, 2024 - businessinsider.com
Apple's iPhone sales in China have dropped significantly, with the tech giant shipping around 2.4 million smartphones in February, a 33% drop from the same month in 2023, according to Bloomberg. This follows a 39% year-on-year drop in January, and is worse than the 24% drop estimated by Counterpoint Research for the first six weeks of the year. The decline has sparked investor concern about Apple's stability in China, contributing to an 11% fall in the company's stock in 2024.

Several factors are contributing to Apple's struggles in China, including stiff competition from local telecom giant Huawei, a ban on iPhones in some government agencies and companies due to US-China tech and trade tensions, and a potential economic slowdown. Apple's Greater China sales also dropped 13% year-over-year in its latest quarterly earnings. Despite these challenges, Apple CEO Tim Cook has been visiting China to strengthen ties and potentially improve the company's performance in the country.

Key takeaways:

  • Apple's iPhone sales in China have dropped significantly, with a 33% drop in February 2024 compared to the same month in 2023, and a 39% drop in January 2024 year on year.
  • One of the reasons for the decline is stiff competition from local telecom giant Huawei, which has overtaken iPhone as the No. 1 smartphone in China.
  • Apple's Greater China sales also dropped to $20.8 billion in the last quarter of 2023, a 13% year-over-year decline.
  • CEO Tim Cook is currently in China to strengthen ties and possibly improve Apple's performance in the country.
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