Apple stock price climbs to record high as iPhone sales in China increases
January 10, 2020 | Investopaper
Apple stock price has reached an all-time high after the Chinese government revealed that the iPhone unit sales have increased in China this December. The sales have increased by 18 percent in December as per the data published by the China Academy of Communications and Information Technology.
As the share price rose by 2 percent in response to this news, the stock has recorded an all-time high price of $309.63 on Thursday.
Apple dispatched 3.2 million iPhones this year to China through December, up from 2.7 million in December 2018. The Chinese market is one of the key markets for Apple but in recent times, it has struggled to compete with the low-cost Android phone makers in China. Apple has an 8 percent market share in China. Huawei leads the market share with 40 percent followed by Vivo, Oppo, and Xiaomi.
The revenue of Apple from China declined by $5 billion in the first quarter of 2019 as compared to 2018.
