Apple could double down on China market, Wedbush says, as iPhone sales drop

Apple is looking to strengthen its presence in the China smartphone market, despite facing challenges such as declining iPhone sales and strong competition. The company recently held discussions with China’s Minister of Commerce, who emphasized the opportunities available in China for Apple and urged the company to continue investing in the country. Apple’s CEO, Tim Cook, highlighted China’s importance as a supply chain partner and expressed plans for increased long-term investment. Cook’s recent trip to China, which coincided with reports of declining iPhone sales, indicates Apple’s commitment to the Chinese market. Covid-19 lockdowns in 2022 disrupted Apple’s supply chain but the majority of iPhone production and suppliers still remain in China. Apple is also facing regulatory challenges in the US and EU, with the latter opening an investigation into anti-steering rules. Despite these obstacles, Apple remains China’s largest smartphone supplier.