Apple iPhone Sales in China Down 30% YoY for First Week of January [Report]

Apple's iPhone sales in China were down more than 30% year over year for the first week of January 2024, according to a new report from Jefferies analysts on Sunday. The company's competitors, like Xiaomi and Huawei, have allegedly 'remained much stronger' with flat sales.

The analysts said to "expect Apple to have even higher revenue pressure in China in 2024", predicting that iPhone sales volume in China will fall by double digits this year. The note follows AAPL downgrades from both Piper Sandler and Barclays last week, as well as a warning from supplier Foxconn of Q1 revenue decline, and reports that the Department of Justice is preparing a 'sweeping antitrust case' against the company.

Jefferies reports that Huawei gained the most market share in China for 2023, rising 6% year over year. Apple is said to have lost around 4% year over year.


"As we highlighted last week, iPhone's lower market share YoY in China is a negative surprise, and we believe the cannibalization is coming from not just HW, but also Xiaomi and 'others.'"

Apple has 'significantly' increased discounts for some iPhone 14 models in the last week, suggesting the company may be looking to 'defend its share'. We should have a better picture of how Apple performed when it unveils earnings on February 1st.

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[via CNBC]