Apple's iPhone shipments in China increased by 40% year-over-year in May, driving overall smartphone growth.

From Nasdaq: 2024-06-28 11:49:03

Apple’s iPhone shipments in China surged by 40% year-over-year in May, continuing the smartphone rebound trend from April. Foreign-branded phone shipments reached 5.028 million units, with Apple being a key player in the Chinese market. Overall smartphone shipments rose by 13% in May, with foreign brands, including Apple, growing four times.

To achieve a sales rebound in China, Apple and its resellers have been offering discounts since the beginning of the year, with deals extending into the Chinese shopping festival on June 18. Competition from local players like Huawei had previously impacted Apple’s performance in China, a crucial market for the tech giant.

Apple relies heavily on iPhone sales, accounting for over 50% of its revenues. In the March quarter, iPhone sales totaled $51.33 billion out of the company’s total revenues of $94.84 billion, further highlighting the importance of the smartphone segment to Apple’s business.

Analysts view Apple stock with cautious optimism, indicating a Moderate Buy consensus rating based on 24 Buys, 10 Holds, and one Sell. With Apple’s stock increasing by over 10% in the past year, the average price target of $217.19 suggests a 1.4% upside potential from current levels.



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