Foreign Phone Shipments in China Surge 66% in June, Lifting Apple Outlook
AAPL sits 69% above its 52-week low of $201.5.
Summary
Foreign-branded phone shipments in China, a proxy for Apple's iPhone sales, jumped 66.3% year-over-year to 3.28 million units in June, according to CAICT data. This follows a 19.2% decline in May, suggesting a sharp recovery in demand. The broader Chinese phone market fell 15.3%, indicating Apple gained significant share. The data provides an early positive signal for Apple's fiscal Q3 results, especially after the stock's 6% drop in late June on China demand fears.
At the time of this announcement, AAPL was trading at $341.25 on NASDAQ in the Technology sector, with a market capitalization of approximately $5T. The 52-week trading range was $201.50 to $342.89. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.