Sales of Apple (AAPL.US) iPhones in China fell 6% year-on-year in July and August, which was a deeper decline than usual before the launch of a new model. The entire Chinese smartphone market shrank by 2% during this period despite government subsidies to support consumption. Apple had only a 12% share and ranked sixth, losing out to Vivo (19%), Xiaomi, Oppo, and Huawei (16% each).
In the previous quarter, however, the company improved its sales in China, and Tim Cook highlighted the record user base and growing demand for other Apple products as well. The upcoming iPhone 17, considered the biggest upgrade in years, is expected to be an impetus for refreshing the device replacement cycle, and Xiaomi has accelerated the launch of its own flagship to compete with Apple.
The new iPhone 17 series is experiencing record delivery delays, which is rare and indicates exceptionally strong global demand. Bank of America data shows that the average wait time for the iPhone 17 Pro is 18 days, for the Pro Max as long as 25 days, and surprisingly, even the basic iPhone 17 has a record 19 days (compared to 10 days for last year's model). Particularly high interest is observed in China, where the waiting time for the Pro version reaches 25 days, and reservations have exceeded 5 million units. The success of the standard model is due to significant improvements – Apple has added, among other things, a 120 Hz screen, a 48 MP dual camera, an A19 chip, longer battery life, and double the base memory, while maintaining the previous price of $799.
Apple shares are down 0.1% ahead of the Wall Street opening on Chinese sales data, although investors are unlikely to pay too much attention to it as it is somewhat outdated and does not include data on iPhone 17 orders. The company's shares rose yesterday to their highest levels since March this year, thus sustaining the medium-term upward trend.
Source xStation
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