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Increasing geopolitical tensions are bad for business.
Counterpoint reported that iPhone sales volumes dropped 19%, during a quarter in which smartphone sales in the world's second largest economy grew by 1.5%.
Sales of iPhones were down 19% in China from a year earlier, Counterpoint Research reported.
Pavel Durov, billionaire founder and CEO of Telegram, said Apple's move last week to remove the chat app from its China app store had not caused any decrease in downloads from China and criticised Apple instead for its "walled garden" app policies.
Sales of Apple's iPhone in China fell 19% during the quarter ending in March, an independent research firm reported. The US company fell to third in the nation's hotly-contested smartphone market, behind Vivo and Honor, according to Counterpoint Research estimates.
Apple's smartphone sales declined by 19.1% in the first quarter of 2024, while rival Huawei's (HWT.UL) grew by 69.1%, signaling an increasing threat to the U.S. firm's dominance in the high-end segment of the world's largest smartphone market.
In the closing of the recent trading day, Apple (AAPL) stood at $165.67, denoting a +0.41% change from the preceding trading day.
Energy stocks are on fire, but there is likely more fuel in the tank. Stock Strategist Andrew Rocco reveals 3 ways to take advantage of the bull market in the energy industry.
Apple Inc. is expected to beat expectations for its March quarter but deliver disappointing guidance for the June quarter, according to a Morgan Stanley analyst.
The tournament will be held in the United States for the first time next summer, the report said, adding that a deal could be announced as soon as this month.