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Apple Inc (NASDAQ:AAPL) experienced a significant decline in iPhone shipments in China, with about a 33% drop in February compared to the previous year, highlighting a continued downturn in demand for its leading product in a crucial overseas market.
The decline is part of a broader trend, with government data indicating that foreign brands shipped approximately 2.4 million smartphones in February, a period affected by the timing of the Lunar New Year.
Apple, the predominant overseas brand in China, contributed to most of these shipments, Bloomberg reports.
Also Read: Apple Wants to Strengthen Presence in China, In Talks With Baidu Over AI Collaboration
This shipment decrease follows a January in which Apple saw a roughly 39% reduction, shipping about 5.5 million units compared to the year before, according to the China Academy of Information and Communications Technology.
Apple has faced challenges in China, the world’s largest smartphone market, since it released its latest iPhone models in September.
The resurgence of Huawei Technologies Co as a competitive force in the premium phone segment has cut into Apple’s market share, leading to unusual discounts offered by the American tech giant in January.
The slump in iPhone shipments suggests a broader slowdown for Apple in China, exacerbated by local competitors’ aggressive marketing of AI-enabled smartphones.
The smartphone market in China also saw a significant contraction in February, indicating a general hesitancy among consumers to spend on non-essential items.
Analysts anticipate that while the smartphone market might grow throughout the year, iPhone sales will likely continue their downward trajectory, with projections of leading the market’s decline by over 20%.
CEO Tim Cook confirmed during an interaction with Chinese state media that Apple plans to launch its Vision Pro headset in China within 2024.
First unveiled in the United States in February at $3,500, the Vision Pro marks Apple’s entry into the competitive virtual and augmented reality headset industry.
This announcement aligns with Cook’s recent activities in China, including opening a new Apple store in Shanghai and attending the China Development Forum in Beijing.
The stock gained 8% in the last 12 months. Investors can gain exposure to the stock via Vanguard Information Tech ETF (NYSE:VGT) and SPDR Select Sector Fund – Technology (NYSE:XLK).
Price Action: AAPL shares are trading higher by 0.09% at $171.01 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Apple
