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Apple iPhone sales in China plummet 24% as Huawei smartphone sales surge
Satori fund senior portfolio manager Dan Niles talks about Apple’s prospects in 2024 on The Claman Countdown.
Apple is having a rough start to the year for its iPhone sales in China, where sales were down 24% year-over-year in the first six weeks, according to a new report from research firm Counterpoint.
The analysts said the drop can mostly be attributed to stiff competition in the market, especially from China’s Huaweii, which saw sales of its smartphones surge 64% over the same period compared to a year ago.
China’s Huawei saw domestic smartphone sales surge 64% year-over-year in the first six weeks of 2024. (REUTERS/Aly Song / Reuters Photos)
“Primarily, [Apple] faced stiff competition at the high end from a resurgent Huawei while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi,” Counterpoint senior analyst Mengmeng Zhang, said in a statement.
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“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now,” Zhang added.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 170.12 | -4.98 | -2.84% |
Shares of the iPhone maker were down 3% Tuesday and have lost about 10% of their value so far this year, underperforming their big tech peers in the United States.
Apple beat analysts’ estimates on sales and profits last quarter primarily due to strong iPhone sales worldwide – except in China. (JOSH EDELSON/AFP via Getty Images / Getty Images)
Counterpoint’s report said Apple’s share of the Chinese smartphone market dropped to 15.7%, putting it in fourth place, compared with second place in the year-ago period when it had 19% market share.
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Apple beat Wall Street estimates on sales and profits last quarter, powered by growth in its iPhone business worldwide — but notably reported a lag in sales in China.
Apple CEO Tim Cook waves as he arrives for the Economic Summit held for the China Development Forum in Beijing on March 23, 2019. (NG HAN GUAN/AFP via Getty Images / Getty Images)
“We did feel good about the plus 6% (revenue growth) for iPhone,” Apple CEO Tim Cook told Reuters in an interview last month. “We had particularly strong double-digit growth on iPhone in emerging markets outside of China. The iPhone is doing well in those markets.”
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Cook added, “China is the most competitive smartphone market in the world, and that hasn’t changed.”
Reuters contributed to this report.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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