BEIJING:
Apple’s iPhone sales in China dropped by 30% in the first week of 2024, Jefferies analysts said in a note, adding to signs of growing competitive pressures from domestic rivals such as Huawei for the US tech giant.
The decline in Apple’s sales was the primary catalyst for an overall double-digit drop in China smartphone shipments for the first week, according to a note the brokerage published on Sunday. Other Android brands and Huawei achieved relatively flat growth year-over-year during this period, the note said. This decrease in Apple’s sales took place despite aggressive discounting of multiple iPhone models through major Chinese online marketplaces, according to the research note.
Read Apple iPhone sales in China fall 30% in first week of 2024
The 30% drop represents an acceleration from the 3% year-over-year decline the US company saw for all of 2023 in its third-largest market, Jefferies said, adding that the brokerage derived this from its own market tracking.
Apple and Huawei did not immediately respond to requests for comment.
The Mate 60 line is widely viewed as marking Huawei’s comeback to the high-end smartphone market after years of US sanctions that had previously hampered its progress.
Published in The Express Tribune, January 9th, 2024.
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