Chinese sales of foreign phone makers, including Apple, drop 9.7% in May
BEIJING — Sales of foreign-branded mobile phones in China, including those of Apple Inc, fell 9.7 per cent year-on-year in May, according to data released by a government-affiliated research company on Friday.
Calculations based on the data from the China Academy of Information and Communications Technology (CAICT) showed that May shipments of foreign-branded phones in China fell to 4.54 million handsets from the same month last year.
As the largest foreign mobile phone maker in China's smartphone-dominated market, Apple's performance plays a significant role in the overall data on foreign-branded phone sales in the country.
Apple has faced increased competition from domestic rivals and has cut prices to stay competitive. Chinese e-commerce platforms offered discounts of up to 2,530 yuan (US$351) on Apple's latest iPhone 16 models in May.
The CAICT data did not give specific figures for Apple.
Shipments of phones within China were down 21.8 per cent year-on-year to 23.72 million handsets for the month, the data showed.
(Reporting by Liam Mo and Brenda Goh. Editing by Aidan Lewis and Mark Potter)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
National Post
9 hours ago
- National Post
China's first Legoland opens to tourists in Shanghai
Thousands of local tourists poured into China's first-ever Legoland as it opened its gates in Shanghai on Saturday, the latest theme park hoping to capitalise on a domestic tourism boom. Article content The Chinese branch of the British-owned theme park franchise is the biggest Legoland in the world. Article content Article content It drew in early customers who flocked to attractions including a miniature train ride and a dragon-themed rollercoaster. Article content 'I personally love to play with Lego blocks and we have many sets at home… so I wanted to come to Legoland at the earliest opportunity,' said Shi, a 35-year-old resident of nearby city Hangzhou, who was visiting the park with his wife and child. Article content Article content Despite the Chinese economy's sluggish growth in recent years, domestic tourist spending grew 18.6 percent in the first quarter of this year compared to the previous year, according to statistics. Article content 'Ever since the pandemic, I've made very few trips abroad,' said Shi, adding his family now travels to theme parks around China 'many times a year'. Article content Eager Lego fans rushed into the park as soon as it opened, wearing themed shirts and waving branded flags as they enjoyed the 318,000-square-metre (78.5-acre) compound in scorching temperatures. Article content Beijing has announced subsidies intended to make travelling within the country more affordable for Chinese citizens, and is pushing local governments to heavily market their attractions on social media. Article content Article content Companies have taken note of the wider local tourism boom and stepped up their plans in China. Article content Article content A new 'Spider-Man' attraction at Shanghai Disneyland broke ground in May, while Warner Brothers is set to open a Harry Potter experience in Shanghai by 2027. Article content Toy giant Hasbro said this week its giant Peppa Pig park in the city was now 'in the phase of creative design.' Article content Chinese collectable toy maker Pop Mart has also opened an attraction in Beijing featuring life-sized versions of its popular Labubu toys. Article content 'The various provinces are putting a lot of effort into expanding their tourism industries, and all of them have special attractions,' said Xu, a 34-year-old parent visiting Legoland on Saturday with his children. Article content But profitability remains a problem, especially for local companies with less brand recognition. Article content As of late 2024, around 40 percent of parks were still failing to turn a profit, according to state media reports. Article content
Canada News.Net
14 hours ago
- Canada News.Net
Nvidia approaches $4T valuation, closes in on historic record
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market value record and edging toward becoming the most valuable company ever. The AI chipmaker's market capitalization hit US$3.92 trillion in early trading, fuelled by soaring investor confidence in artificial intelligence. Its share price rose as much as 2.4 percent to $160.98, nudging past Apple's record close of $3.915 trillion set on December 26, 2024. Shares later settled at $159.60, leaving Nvidia's market value just shy of the all-time high at $3.89 trillion. Nvidia's cutting-edge chips have become essential to training large AI models, making its products highly sought after amid an AI arms race among tech giants. Microsoft followed closely behind with a valuation of $3.7 trillion, while Apple trailed in third at $3.19 trillion, despite its own gains on the day. The high-stakes race to build AI data centres has driven up demand for Nvidia's processors, with companies like Microsoft, Amazon, Meta, Alphabet, and Tesla fuelling its rise. "When the first company crossed a trillion dollars, it was amazing. And now you're talking four trillion, which is just incredible," said Joe Saluzzi, co-manager of trading at Themis Trading. "It tells you that there's this huge rush with AI spending and everybody's chasing it right now." According to LSEG, Nvidia's valuation has exploded nearly eightfold in four years, from $500 billion in 2021, surpassing the combined value of the Canadian and Mexican stock markets and even exceeding all UK-listed companies. Despite the surge, Nvidia's stock trades at about 32 times expected earnings—lower than its five-year average of 41—as earnings forecasts continue to climb faster than share prices. The rebound in Nvidia stock—up 68 percent since its April 4 low—coincides with recovering U.S. markets after global jitters tied to President Donald Trump's tariff announcements. Optimism around potential trade agreements has helped soothe investor nerves. The company now makes up 7 percent of the S&P 500, with Nvidia, Microsoft, Apple, Amazon, and Alphabet collectively accounting for 28 percent of the index. That means everyday savers in S&P 500 index funds are increasingly tied to AI's fate. "I strongly believe that AI is a greatly productive tool, but I am fairly sure that the current delivery of AI via large language models and large reasoning models is unlikely to live up to the hype," warned Kim Forrest, chief investment officer at Bokeh Capital Partners. Founded in 1993 by Jensen Huang, Nvidia has transformed from a gaming-focused chipmaker into the bellwether of the AI revolution. Its rise has reshaped the semiconductor landscape, especially after replacing Intel on the Dow Jones Industrial Average last November. Nvidia's stock has rallied after a slow start to the year. Investor excitement over AI was briefly overshadowed by trade tensions and a cut-price AI model from China's DeepSeek, which prompted fears of reduced spending on high-end processors. But if the numbers are any indication, Wall Street's AI enthusiasm is far from cooling.
Globe and Mail
a day ago
- Globe and Mail
DBS Sticks to Its Buy Rating for BYD Co (BYDDF)
DBS analyst maintained a Buy rating on BYD Co today and set a price target of HK$164.00. The company's shares closed yesterday at $15.63. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. BYD Co has an analyst consensus of Strong Buy, with a price target consensus of $22.89. Based on BYD Co's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $170.36 billion and a net profit of $9.15 billion. In comparison, last year the company earned a revenue of $124.94 billion and had a net profit of $4.57 billion
