Apple China Smartphone Sales Fall 9% During 618 Festival Amid Market Drop
AAPL sits 55% above its 52-week low of $201.5.
Summary
Apple's smartphone sales in China declined 9% year-on-year during the recent 618 shopping festival, even as the overall market saw a 13% drop. This performance, despite Apple climbing to the No. 2 spot, was impacted by higher memory costs limiting discounts and less aggressive promotions compared to last year. This news follows earlier reports of strong iPhone sales and record Q2 results, but highlights a challenging environment in a key growth market for Apple. The broader Chinese smartphone market is expected to face a seasonal slowdown and a double-digit decline in shipments for the year.
At the time of this announcement, AAPL was trading at $312.65 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.6T. The 52-week trading range was $201.50 to $317.40. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.