Apple's China iPhone shipments fall 35% in November: Credit Suisse
Reuters
Published Dec 12, 2019 10:03AM ET
(Reuters) - Apple (NASDAQ:AAPL) Inc's iPhone shipments in China fell more than 35% in November, marking their second straight double-digit decline as sales of the cheaper iPhone 11 remained sluggish, brokerage Credit Suisse (SIX:CSGN) said on Thursday.
Shares of the company fell more than 1% to 267.67 in early trading.
Total iPhone shipments in China in the September-November period dropped 7.4% from a year earlier, Credit Suisse analyst Matthew Cabral said, citing data from China's Ministry of Industry and Information Technology.
The latest iPhone 11 range hit stores in China in September, with short queues of die-hard fans contrasting with the hundreds who camped out ahead of some previous launches. https:// Cabral also wrote that Apple would have a tough time pushing through tariff-related price increases to U.S. consumer if the 15% tariffs on billions in Chinese-made consumer goods come into effect on Dec. 15.
Apple has asked the Trump administration to waive levies on China-made Apple Watches, iPhone components and other consumer products. President Donald Trump said last month he was considering the request.
Apple's market share in China slipped to 5% from 7% in the third quarter, while Huawei Technologies Co Ltd captured a record 42% of China's smartphone market in the same period, according to a report by market research firm Canalys released in October.
In its latest fourth quarter, Apple reported a 2.4% drop in greater China sales.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.