Apple shares rose 2% on Friday after a rosy forecast fuelled hopes of an iPhone sales rebound, even as tough competition and a lack of AI features weigh on demand in key market China.
Apple's iPhone sales in China reportedly took a tumble at the end of 2024, with a considerable reduction in sales putting it in a dead heat with homegrown Xiaomi.
Apple ( NASDAQ:AAPL) is feeling the heat in China. iPhone sales slid 18.2% in Q4 2024, dropping its market share to 17.1%, down from 20.2% a year ago. Meanwhile, Huawei is back on top for the first time since U.S. sanctions hit in 2019, grabbing an 18.1% share.