Apple (AAPL) reported the worst quarter of iPhone sales in China, its largest market outside the U.S., since the Covid-19 pandemic. iPhone sales, which make up for roughly half of Apple’s total revenue, fell 19 percent in the quarter ended March from the same period last year, the tech giant reported yesterday (May 2).
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Apple’s stock price is down around 12 percent since the start of the year, largely driven by concerns about Apple’s performance in an uncertain Chinese economy. China’s homegrown smartphone giants, such as Vivo, Huawei, Honor Device and Xiaomi, have put up fierce competition against Apple, pushing the U.S.........