Apple reported a significant increase in iPhone sales in China for the first quarter of 2023, with shipments climbing 20% year-over-year, despite an overall 4% decline in smartphone sales across the market, according to Counterpoint Research. This achievement comes as the company previously faced concerns over weak demand in one of its largest markets.
As of mid-day Friday, Apple’s shares climbed by 3.1%, driven by positive investor sentiment linked to the rise in iPhone sales. Apple’s iPhone was the top-selling smartphone brand in China during the last quarter of 2022, marking a strong recovery after a sales slump earlier in the year. The company’s strategic pricing decisions amid rising global memory costs have allowed it to capture more market share compared to competitors.
With 2.5 billion active devices and five of the world’s top 10 best-selling smartphones, Apple is seen as well-positioned to continue this trend, maintaining a premium valuation of 33 times earnings.
