Apple’s iPhone sales in China fell 24% year-on-year in the first six weeks of 2024, according to research firm Counterpoint, as the U.S. company faced increased competition from domestic rivals such as Huawei (HWT.UL).Apple faced stiff competition at the high end from a resurgent Huawei
The U.S. tech giant’s chief competitor in China in premium smartphones, Huawei, saw unit sales rise by 64% in the period, according to the report. This could fan fears of a slowdown in demand for the U.S. company, whose revenue for the current quarter was $6 billion below Wall Street expectations.
Shares of the iPhone maker were down 2.2% in premarket trading on Tuesday and have lost about 10% of their value so far this year, underperforming their big tech peers in the United States. Counterpoint’s report said Apple’s share of the Chinese smartphone market dropped to 15.7%, putting it in fourth place, compared with second place in the year-ago period when it had 19% market share.
