During the first quarter of 2024, as part of its earnings report, Apple disclosed that its total revenue from iPhone sales in China amounted to $20.82 billion. This represents a decline of 13% in comparison to the revenue figures reported during the same timeframe in 2023.
Tim Cook, in an interview with CNBC, highlighted the impact of currency fluctuations on these figures. He pointed out, "The dollar is very strong versus the RMB (Renminbi)," indicating that the stark 13% decline, when adjusted for currency strength, actually translates to a decrease in the mid-single digits.
Expanding further on the company's performance in the last quarter, Cook emphasized, "So that's how we did on the phone last quarter." Despite the downturn, he shared a positive outlook based on the company's competitive standing in the Chinese market. "The good news is that we're four out of the top six top-selling smartphones in urban China," he noted, indicating a strong consumer preference for Apple's iPhones despite the overall sales dip. This detail underscores Apple's continued prominence in the Chinese smartphone market, highlighting its ability to maintain a leading position amidst economic and competitive challenges.