Investing 28-06-2024 12:03 92 Views

Apple’s iPhone sales surge by nearly 40% in China in May

Apple Inc’s smartphone shipments in China saw a significant increase of 39.6% in May compared to the same month last year, according to data from the China Academy of Information and Communications Technology (CAICT).

This substantial growth highlights Apple’s dominant position in the Chinese market amid a broader rise in demand for foreign-branded smartphones.

Foreign-branded smartphone shipments soar

In May, the shipment of foreign-branded smartphones, led by Apple, jumped by 40.1% year-over-year, reaching 5.03 million units. This marks a 44.1% increase compared to the previous month.

Apple’s robust performance in the Chinese market underscores its ability to attract consumers despite strong competition from local brands.

Chinese brands maintain majority market share

While Apple and other foreign brands saw impressive growth, Chinese smartphone brands continued to dominate the market. Chinese brands shipped 25.30 million units in May, accounting for 83.4% of the total market.

This indicates that local manufacturers remain the preferred choice for the majority of Chinese consumers, even as foreign brands make significant inroads.

Impact on Apple’s stock

Following the release of the CAICT data, Apple’s stock rose by 0.89% in premarket trading, reaching $216.

This positive market reaction reflects investor confidence in Apple’s continued growth and strong performance in one of the world’s largest smartphone markets.

The surge in Apple’s smartphone shipments in China highlights the company’s successful market strategy and growing consumer demand for its products.

With foreign-branded smartphones seeing substantial growth and Chinese brands maintaining a strong presence, the competitive landscape in China’s smartphone market remains dynamic.

Apple’s stock performance further indicates positive investor sentiment towards the company’s future prospects in the region.

The post Apple’s iPhone sales surge by nearly 40% in China in May appeared first on Invezz

Other news