“Apple was the top-selling mobile phone brand during Alibaba’s record-breaking 24-hour Singles Day shopping event, beating its Chinese rivals,” Arjun Kharpal reports for CNBC. “Alibaba released a list of products in various categories that had the highest gross merchandise value (GMV), or sales via the e-commerce giant’s various platform. Apple topped the list in the mobile phone category, but Alibaba did not release specific figures on the number of units sold or the total GMV brought in by Apple.”
“Alibaba’s annual event, which is also known as ‘Double 11’ because it falls on Nov. 11, raked in record GMV of 213.5 billion yuan ($30.8 billion),” Kharpal reports. “Huawei… was the second-highest-selling vendor on Alibaba’s platforms during Singles Day. Xiaomi, followed. Samsung, which has been weak in China for some time, was in eighth place.”
“‘It’s a positive sign for Apple, because normally Xiaomi or Huawei has been the top brand. This shows the Chinese smartphone users are maturing fast and they are looking to buy more high end devices, which is a good sign not only for Apple but other brands,’ Neil Shah, research director at Counterpoint Research, told CNBC by phone on Monday,” Kharpal reports.
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MacDailyNews Take: If it’s not an iPhone, it’s not an iPhone.
Great news Apple! Is that why shares are being absolutely pounded like a cheap tart? -$9.80 and dropping. Well done Apple!
Apple is doomed, doomed they say!
There isn’t one thing Apple has done that can stabilize the stock. Buybacks don’t work. Raising dividends doesn’t work. Having a mountain of cash doesn’t work. Even some occasional good news doesn’t help. Apple always ends up being the weakest stock on the block relative to its earnings and profits. It’s just incredible how volatile Apple remains with such a relatively low P/E based on other tech stocks in the S&P 500. Apple is the stock market equivalent of a wet noodle.
I’m not complaining as long as Apple is in stock buyback mode. Many shares are now going to quickly disappear and that’s a good thing. I’m willing to bet Warren Buffett and crew will be snapping up more shares and that’s also good. I’m only pointing out that so many investors are quickly dumping their Apple stock at a furious rate for reasons I don’t quite understand. Are Apple investors really that chicken-hearted that they feel Apple won’t recover or what?
Apple got heavily pounded today, more so than the FANGs, Microsoft and most other tech stocks. It’s just crazy. I honestly didn’t foresee Apple dipping below $200 a share based on earnings, but Apple simply folded like a wet sheet of paper. What does Apple need to do to make investors hold fast? Sell 60 million iPhones every single quarter? Not even possible.
I’m not sweating the dip, but it’s very disappointing to see Apple so weak when I think the company is still quite strong. Talk about cheap tarts being pounded. Apple got totally bashed with Thor’s hammer.