Apple is among the losers on the New York stock exchanges on Thursday. On Wall Street, Apple’s stock fell 4 percent. Canalys, a market analysis agency that focuses on technology, reported that the tech group will no longer be the largest smartphone seller in China by 2024.
According to Canalys, Apple shipped 42.9 million smartphones to China last year, mainly iPhone 16 devices that it launched in September. That is 17 percent less than in 2023.
Canalys attributes this to increased competition from Chinese brands. According to the market researcher, Vivo and Huawei had a larger share in China than Apple last year, 17 and 16 percent respectively. Apple’s market share fell to 15 percent. “This is Apple’s worst annual performance in China,” said Canalys analyst Toby Zhu.
The Dow Jones index fell 0.2 percent to 43,153.13 points. The broad S&P 500 lost 0.2 percent to 5937.34 points. Tech indicator Nasdaq fell 0.9 percent to 19,338.29 points. The indices rose sharply on Wednesday. Investors then reacted with relief to new inflation figures, which increased expectations that the Federal Reserve can further cut interest rates.
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