What's Going On With Apple Stock On Tuesday?

Apple Inc’s AAPL iPhone sales in China increased by 52% year-on-year in April, Reuters cites from industry reports. The stock price gained after the report.

The iPhone maker’s results follow a softer performance earlier this year in the leading smartphone market. Apple battled rivalry in the premium market from local rivals like Huawei Technologies Co.

According to the China Academy of Information and Communications Technology (CAICT), smartphone sales in China increased by 25.5% to 22.7 million units in April, Reuters notes.

Apple’s shipments in China increased by 12% in March, marking a significant improvement from the first two months of 2024, when the company noted a 37% decline in sales. 

The growth reflected price discounts from Apple and its Chinese retailers to boost sales.

Previously, analysts expected iPhone sales to continue their downward trajectory, with projections that they would lead the market’s decline by over 20%.

Meanwhile, Apple made every effort to boost ties with China, including launching a new Apple store in Shanghai, and company chief Tim Cook attended the China Development Forum in Beijing.

Apple stock gained over 7% in the last 12 months. Investors can gain exposure to the stock via IShares Global Tech ETF IXN and IShares U.S. Technology ETF IYW.

Price Action: AAPL shares traded higher by 1.67% to $193.15 premarket at the last check on Tuesday.

Image Source – Apple