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Investing.com -- Apple (NASDAQ:AAPL) stock fell 0.5% in premarket Wednesday trade after data showed a sharp decline in foreign-branded phone sales in China, a key market for the iPhone maker.
According to data released Wednesday by the China Academy of Information and Communications Technology (CAICT), a government-affiliated research firm, shipments of foreign-branded phones in China declined 31.3% YoY in June.
Reuters calculations based on the CAICT data showed that foreign-branded phone shipments, which include Apple’s iPhone, dropped to 1.971 million units in June from 2.869 million units in the same month last year.
The decline in foreign-branded phone sales comes amid a broader downturn in China’s smartphone market. Overall phone sales in China fell 9.3% to 22.598 million units in June, the CAICT data revealed.
China represents a crucial market for Apple, with the region historically accounting for a significant portion of the company’s revenue. The steep decline in foreign-branded phone shipments suggests Apple may be facing increased competitive pressure in the world’s largest smartphone market.
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