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Apple has its worst China quarter since 2020 as Huawei's resurgence eats into its market share, says new research [Fortune]
Last apple inc. earnings: 4/30 04:30 pm
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US:NASDAQ Investor Relations: investor.apple.com
But there's one thing the U.S-blacklisted company's new phone may be really good at: taking sales from Apple. The quiet launch of Huawei's Mate 60 Pro is transforming China's phone market as consumers shift to local brands. Apple's shipments tumbled 19% year-on-year in the first quarter of the year, the company's worst performance since 2020 , according to data from Counterpoint Research. The U.S. company now has market share of around 15.7%, down from 19.7% a year ago. The drop puts Apple in third place in China's smartphone market, behind Vivo and HONOR. Apple's decline contrasts with Huawei's rise. The Chinese smartphone maker's sales in the first quarter of 2024 jumped by almost 70%. It now has 15.5% of China's phone market, putting it just behind Apple. Counterpoint partly attributed Huawei's growth to the company's 5G smartphone, giving the tech giant “a massive share in the $600+ premium segment.” HONOR, a former Huawei subsidiary spun off in 2020, is in second place af
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