Apples sales plunged in China — these are the iPhone giants 5 biggest problems right now
Summary
China was once seen as the major growth driver for the company but last year, cautious consumer sentiment combined with intense competition, in particular from a rejuvenated Huawei, posed a challenge to the Cupertino, California-based giant. "Two key factors were holding Apple back in 4Q23 — a more cautious and rational spending sentiment and the challenge from Huawei which created more buzz in the market than the new iPhone 15 series," Will Wong, senior research manager at IDC, told CNBC. "These high-end devices are not only competitively priced, starting predominantly at 3,999 RMB ($563) but also boast features akin to those found in premium smartphones," Shah said. Last year, the Chinese economy faced a number of challenges from collapses in its property sector to weak consumer demand. Bloomberg, citing people familiar with the matter, reported last year that China has extended a ban ordering staff at government agencies and state-backed firms to stop bringing iPhones and other foreign devices to work.