“Apple’s iPhone sales in China plunge 24% as Huawei’s popularity surges”
March 7, 2024
“BEIJING (Reuters) -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.
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 forecast for the current quarter was $6 billion below Wall Street expectations.
Shares of the iPhone maker were down 1.6% in premarket trading on Tuesday and have lost about 10% of their value so far this year, under performing their big tech peers in the United States…”
Just about everything in China is down around 20%. Their markets are tanking. Also foreign companies are pulling out of China. They are hostile to businesses.