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Smartphone market: Why Apple loses ground

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Published: August 6th, 2024,
Last updated: September 5th, 2024

No longer in the top five: The iPhone is being displaced by domestic competitors in China.
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The global stock market crash at the beginning of the week hit Apple shares particularly hard. The US company lost a whopping 160 billion US dollars in value at times. One of the main reasons: Apple is struggling with weak sales figures in China. As the Cupertino-based company announced at the beginning of August, consolidated sales in the People’s Republic fell by 6.3 percent year-on-year to 14.3 billion dollars in the second quarter. This is the sixth consecutive quarterly decline. This may have been one reason star investor Warren Buffett of Berkshire Hathaway decided to sell half his Apple shares. Apparently, he is certain that Apple will not be able to build on the successes of previous years in China in the near future.

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