Apple iPhone sales in China fall 30% in first week of 2024: Jefferies

BEIJING: Apple’s iPhone sales in China dropped by 30% in the first week of 2024, Jefferies analysts said in a note, adding to signs of growing competitive pressures from domestic rivals such as Huawei for the U.S. tech giant.

The decline in Apple’s sales was the primary catalyst for an overall double-digit drop in China smartphone shipments for the first week, according to a note the brokerage published on Sunday. Other Android brands and Huawei achieved relatively flat growth year-over-year during this period, the note said.

This decrease in Apple’s sales took place despite aggressive discounting of multiple iPhone models through major Chinese online marketplaces, according to the research note. For example, the iPhone 15 Pro and iPhone 15 Pro Max received a 16% price reduction on the e-commerce platform Pinduoduo in the first week of 2024.