Apple slashed iPhone prices in China. Sales are bouncing back
CNN
A rebound in Apple’s iPhone sales in China is gaining momentum, after the company aggressively cut prices in its largest overseas market to lure back consumers actively hunting bargains in a weak economy.
A rebound in Apple’s iPhone sales in China is gaining momentum, after the company aggressively cut prices in its largest overseas market to lure back consumers actively hunting bargains in a weak economy. Shipments of foreign-branded cell phones in China, the vast majority of which are iPhones, surged 52% in April to 3.489 million units, according to CNN calculations based on data released Tuesday by the China Academy of Information and Communications Technology (CAICT). The academy is a research firm under the Ministry of Industry and Information Technology, a regulatory body. The increase is a major acceleration from the 12% growth logged in March by foreign-branded smartphones, according to previous data from CAICT. The Global Times, a state-owned tabloid known for its patriotic views and promoting Chinese companies, has described the rebound as “impressive.” Apple (AAPL) had a tough start to 2024 in China. In the first quarter, it lost the top spot in the country’s smartphone market as shipments tumbled 19%, according to a report by Counterpoint Research. Apple took a hit from growing competition with local brands including Huawei, which saw sales increase nearly 70% in the same period because of the successful launch of its Mate 60 series.
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