Apple slips as China data shows smartphone plunge in October: report

Apple (NASDAQ:AAPL) was in focus on Wednesday as official data from China showed foreign branded smartphones plunged in October, according to Reuters.

Shares slipped 0.5% in premarket trading.

Data from the China Academy of Information and Communications Technology showed foreign-branded smartphones fell 44.25% year-over-year in October to 6.22M units, the news outlet reported. Apple is the largest foreign smartphone maker in China.

Apple did not immediately respond to a request for comment from Seeking Alpha.

Cupertino, Calif.-based Apple is facing an uphill battle in China, where it has yet to launch Apple Intelligence. A top Chinese official recently said foreign companies would see a long approval process unless they partner with local companies for artificial intelligence.

Apple has reportedly spoken with a number of Chinese companies regarding an AI partnership, including Baidu (BIDU), ByteDance (BDNCE) and others.

China is one of Apple’s most important markets, behind only the Americas and Europe by reporting segment. According to its most recently reported quarterly results, the Greater China region — which includes China, Hong Kong, Taiwan and Macau — accounted for $15.03B in revenue, down slightly from the $15.08B in the year-ago period.

Separately on Wednesday, research firm IDC said it expects Apple iOS sales to pick up in 2025, aided in part by the launch of generative AI features.