Apple is facing challenges in the year 2024, particularly in the Chinese market. Research from Counterpoint Research shows that iPhone sales in China have dropped by 24% compared to the same period last year. On the other hand, rival firm Huawei has seen a significant increase in sales, jumping by 64%.
Market Share Decline in China
Apple's market share in China continues to decline, further exacerbated by the government's ban on officials using Apple phones. The situation is reflected in Foxconn's recent announcement of a 12% decrease in February sales compared to the previous year.
Global Concerns
The struggles faced by Apple in China are indicative of broader challenges. Analysts predict a decline in global iPhone sales, contributing to a 9% drop in the company's stock. Additionally, Apple was fined nearly $2 billion by the European Union for alleged app store abuses against music-streaming services.
Shifting Priorities
In light of these difficulties, Apple made the decision to abandon a long-term project aimed at creating an electric vehicle to compete with Tesla.
Stock Performance
Apple's shares were down by 1.6% in premarket trading at $172.33. Other tech giants, including Microsoft, Tesla, Nvidia, Alphabet, Meta Platforms, and Amazon, also experienced declines in their stock prices.
Despite these challenges, Apple continues to navigate a changing landscape in the tech industry.
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