iPhone sales in China plummeted 19%! Cook calls China the most competitive market in the world

News on May 3, Apple released its Q2 financial report for fiscal year 2024 today.

It shows that Q2 revenue was US$90.75 billion and net profit was US$23.636 billion. The overall performance was in line with market expectations.

iPhone revenue was US$45.96 billion, compared with US$45.76 billion expected, a decrease from US$51.334 billion in the same period last year.

Greater China revenue was US$16.372 billion, a decrease of 8% compared with US$17.812 billion in the same period last year.

The main reason is that iPhone sales in the Chinese market have fallen sharply. According to Counterpoint Research data, iPhone sales fell by 19% in the first quarter, ranking third in the Chinese market, which was the worst quarterly performance since 2020.

However, the entire Chinese market is recovering, with an overall growth of about 1.5%, with local brands such as Honor and Xiaomi leading the growth.

However, Apple’s former competitor Huawei’s sales increased by nearly 70% and is gradually regaining its market position.

However, Apple CEO Tim Cook said that China is "the most competitive market in the world" and is optimistic about the long-term development of iPhone in the Chinese market.

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