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According to data from Counterpoint, Apple iPhone sales in China fell by 24% year-on-year in the first six weeks of 2024 due to fierce competition from domestic competitors such as Huawei.
Huawei’s sales increased by 64%, making it the main competitor in China’s high-end smartphone market. That could fuel concerns about slowing demand for Apple, which sent the company’s quarterly revenue forecast $6 billion lower than expected and sent its shares down 2.8%.
A Counterpoint report shows that Apple’s market share in China dropped to 15.7%, Huawei rose to 16.5%, and the overall market shrank by 7%. Apple, which faces competition from a resurgent Huawei and aggressive pricing from other companies, has recently offered discounts through Tmall and its official website to spur sales.
(Source: Reuters Image source: Unsplash)
