Apple could double down on the China smartphone market amid declining iPhone sales and increasing competition in the country, Wedbush Securities’ analyst Daniel Ives says.
Apple needs to overcome its China challenges including a tough macro environment and competition from Huawei before the iPhone 16 release and “it all starts with reaffirming Apple’s presence in China,” Wedbush said.
China’s Minister of Commerce Wang Wentao met Apple CEO Tim Cook on Friday and said his country holds opportunities for Apple as well as other companies, and asked the iPhone maker to keep building its business in China for “shared development,” according to a press statement.
Cook said China was a crucial supply chain partner for Apple and the company plans to increase investment in the country in the long term, the statement said…
Cook’s latest trip to China, which Wedbush said is “a sign Apple could double down” on China, comes amid reports of iPhone sales in China plunging 24% in the first six weeks of 2024… “The timing of this trip was important as in essence Apple needs China and China needs Apple despite all the noise,” Wedbush said.
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MacDailyNews Take: </strongIves maintained Wedbush’s “outperform” rating with a $250 price target on Apple stock.
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Apple is now driven by money and how to maintain their margins. Apple is no longer driven by innovation.
“Apple is now driven by money and how to maintain their margins. Apple is no longer driven by innovation.” So true.
After watching this video, try to imagine government bureaucrats putting such notions into useful practice & it’s easy to understand why they are such insecure failures with no clue as to how businesses should work.
It’s been happening for awhile…coincidental with the growth of “Services.” It’s a great sector at Apple, but it’s the easiest made money. Cook has been an “innovator” in this sector as he appreciates the repeatability, the margin and the ease of growth, while product innovation is/gets stale. “Annuities” are the absolute best forms of income…just ask Warren Buffet.