KEY TAKEAWAYS
- Apple shares are rising after iPhone shipments in China reportedly surged 52% year-over-year in April following a flurry of discounts from retail partners.
- The latest figures from the China Academy of Information and Communications Technology showed smartphone shipments soaring in the country, of which about 3.5 million units came from foreign brands, according to Bloomberg.
- The iPhone’s slide in China and loss of market share to domestic rivals like Huawei may be coming to an end, according to Bloomberg Intelligence analysts.
Apple (AAPL) shares edged higher Tuesday as iPhone shipments in China reportedly surged 52% year-over-year in April following a flurry of discounts from retail partners.
The latest figures from the China Academy of Information and Communications Technology showed smartphone shipments soaring in the country, of which about 3.5 million units came from foreign brands, according to Bloomberg.
Chinese Consumers Express Higher Interest in Upgrading iPhones
The iPhone’s slide in China and loss of market share to domestic rivals like Huawei may be coming to an end, according to Bloomberg Intelligence analysts, as consumers expressed a higher interest in upgrading to new devices in a recent poll. Overall smartphone sales in China increased by 25.5% to 22.7 million units in April, the official data showed, according to Reuters.
Apple reported a decline in sales during its fiscal first and second quarters in China—its biggest overseas market. When it reported its second-quarter results earlier this month, however, analysts had suggested that the headwinds the tech giant is facing in China may be significantly less than they had previously anticipated.
Apple shares were up 1% to $191.83 as of 10:18 a.m. Tuesday. They are slightly lower thus far this year.