As we’ve reported, consumers in the world’s largest smartphone market (that’s just another way of saying China) have spoken and after the first six weeks of 2024, iPhone sales have plunged in China year-over-year. The Cupertino giant experienced a significant 24% drop in iPhone sales in China during the initial six weeks of 2024.
This result missed analysts’ estimation by more than $3 billion. The report has scared investors into believing there will be sustained iPhone sales weakness throughout this year, with local smartphone manufacturers like Huawei and vivo becoming increasingly popular in China once more.
This isn’t causing Tim Cook and company to back down. On the contrary, Cook opened Apple’s newest store in Shanghai (via Reuters). A large crowd, consisting of many who had queued overnight, cheered Tim Cook.
He arrived in Shanghai on Wednesday, inaugurated Apple’s new store by opening its doors and signaling victory with his fingers, welcoming the early customers who had queued up since the day before. Situated opposite the historic Jing’an Temple, this store marks Apple’s 57th outlet in China and the eighth within Shanghai, making it the company’s second-largest flagship store, following the New York City Fifth Avenue location.
Tim Cook was joined by Deidre O’Brien, Apple’s Senior Vice President of Retail and People, and remained silent during the opening, which attracted hundreds, prompting Chinese police to control the crowd.
During his visit, Cook engaged with local media and met with representatives from Chinese suppliers, including Wang Chuanfu, the head of BYD, a key component supplier to Apple. Following Shanghai, Cook plans to visit Beijing to participate in the China Development Forum, which connects foreign executives with leading Chinese officials.
