Apple faces China headwinds amid stiff local competition and slowing iPhone sales
© Reuters
PALO ALTO, California — Apple CEO Tim Cook called China “the most competitive market in the world” as the tech company reported lackluster quarterly results Thursday due to weakening demand in the world’s second-largest economy and stiff competition from Huawei Technologies.
Apple revenue declined 4.3% on the year to $90.75 billion for the three months ended March 30. The company’s main revenue driver iPhone sales dropped 10.5% to $46 billion.
