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Apple’s iPhone Faces Slump in China: What Investors Need to Know

by Team Lumida
July 26, 2024
in Macro
Reading Time: 3 mins read
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Photo by Medhat Dawoud on Unsplash

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Key Takeaways

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  1. iPhone sales in China dropped by 2% in Q2.
  2. Increased competition from local brands impacts Apple’s market share.
  3. Apple’s focus on service revenue might offset hardware sales decline.

What Happened?

Apple’s iPhone sales in China dropped by 2% in the second quarter. This decline follows a global trend where Apple faces increasing competition from local smartphone brands like Xiaomi and Huawei.

According to Counterpoint Research, Apple’s market share in China now stands at 17.4%, down from 18.1% in the previous quarter. CEO Tim Cook acknowledged the challenges, saying, “We are working hard to adapt to the competitive landscape in China.”

Why It Matters?

China represents a significant market for Apple, contributing to nearly 20% of the company’s total revenue. A decline in iPhone sales here can have substantial implications for overall performance.

Increased competition from local brands, which offer feature-rich phones at lower prices, is a growing concern. Investors should note that while iPhone sales are declining, Apple’s services sector—comprising the App Store, iCloud, and Apple Music—has shown robust growth. This sector could help offset the hardware sales slump, but its ability to fully compensate remains uncertain.

What’s Next?

Investors should keep an eye on how Apple plans to regain its footing in China. The company may introduce aggressive pricing strategies or enhance its product offerings to compete with local brands.

Monitoring the performance of Apple’s services segment will also be crucial, as it may provide a buffer against declining hardware sales. Future earnings reports will be telling, particularly any forward guidance from management. As the smartphone market evolves, Apple’s ability to innovate and adapt will be key to sustaining its market position.

Source: Wall Street Journal
Tags: Apple
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018