Apple Struggles in China as iPhone Sales Plunge and Huawei Surges
• Apple's iPhone sales in China plummeted 24% year-over-year in the first 6 weeks of 2023 as it faces rising competition from rivals like Huawei • Huawei's smartphone sales surged 64% in China during the same period, expanding its market share to 16.5% vs Apple's 15.7% • Apple recently cut iPhone prices in China by up to 1,300 yuan to boost demand • Analysts have a Moderate Buy rating on Apple stock with an average price target of $204.58, implying a 16.8% upside • Competition is heating up for Apple in the important China smartphone market, with rivals like Huawei gaining ground