Jim Cramer has rung the alarm bells for Apple Inc. AAPL in China after the company witnessed a 24% fall in iPhone sales during the first six weeks of 2024.
What Happened: CNBC's "Mad Money" host Cramer thinks Apple won't find any positive out of China "for now."
"Story about Apple sales plummeting in China. Again, nothing good is going to come of China for Apple or any company there.. for now. I sense serious Apple panic now."
Cramer's tweet comes in light of a new report by Counterpoint Research that shows Apple's iPhone sales have fallen 24% in the first six weeks of 2024. This includes the crucial Lunar New Year in January.
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It's not just Cramer who has been hitting the red button when it comes to Apple's iPhone sales in China.
Earlier, IDC analyst Will Wong said Apple's rare iPhone discount during the Lunar New Year Day sale was to counter the "deflation" trend in China.
Earlier in February, iPhone resellers in China slashed prices to counter economic headwinds, offering a discount of up to $180 on iPhone 15 and other models.
Noted Apple analyst Ming-Chi Kuo reported in February that iPhone sales in China were off to a bad start in 2024, with sales declining between the beginning of 2024 and the Chinese Lunar New Year. Now, data from Counterpoint puts this into perspective.
Why It Matters: During the December 2023 quarter, Apple reported a 13% decline in iPhone sales in China to $20.8 billion, making it the weakest quarter in China in years.
Apple has also been adversely impacted by China's iPhone ban, along with an "advisory" about security concerns issued right before the iPhone 15 launch in September. Now, Huawei’s resurgence has added to its headaches.
Price Action: Apple closed at $172.47, down 1.5% on Monday, according to Benzinga Pro.
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