According to Apple’s financial report for the first quarter of fiscal year 2024, the revenue generated in Greater China during this period was roughly US$20.8 billion (equivalent to approximately 149.344 billion yuan), which is a decrease from the US$23.9 billion revenue generated in the same period last year. The figure decreased by 13% compared to the previous year, amounting to a billion.
During the results call, Tim Cook, the CEO of Apple, stated that the decrease in revenue in Greater China was not attributable to a decline in iPhone popularity, but rather a manifestation of broader economic challenges.
Due to the strength of the US dollar, the company as a whole will have a mid-single-digit impact from the 13% year-on-year decline in Greater China.
Apple’s revenue in Greater China fell by 13%, Cook responded
Furthermore, the iPhone division exhibited strong performance during the fourth quarter of 2023, securing four out of the top six positions in terms of smartphone sales in Chinese urban areas.
As per the Q4 2023 data published by market research firm Canalys, Apple emerged as the top vendor by shipping 17.5 million devices in the fourth quarter. Apple possesses an ample inventory of new products, with shipments experiencing a 6% year-on-year growth.
As per data published by market research company Counterpoint Research, Apple had a 9.0% decline in shipments during the fourth quarter of 2023 compared to the previous year. However, it maintained its leading position with a market share of 20.2%.
As per IDC research, Apple held a dominant position in the market during the fourth quarter of 2023, capturing a market share of 20.0% and securing the top rank.