"Apple's iPhone Sales in China Plunge 30% in First Week of 2024"

Apple's iPhone sales in China fell by 30% in the first week of 2024, with aggressive discounting failing to offset competitive pressures from domestic rivals like Huawei. This decline contributed to an overall double-digit drop in China smartphone shipments. Jefferies analysts attribute Apple's decline to Huawei's comeback in the high-end smartphone market following U.S. sanctions. They forecast continued double-digit shipment volume declines for Apple in 2024, while Huawei is expected to gain market share, with the Chinese smartphone market poised for a rebound.