On May 3rd, Apple released its financial report for Q2 of the 2024 fiscal year.
The report shows that Q2 revenue was $90.75 billion, with a net profit of $23.636 billion, overall performance in line with market expectations.
iPhone revenue was $459.6 billion, slightly below the expected $457.6 billion, showing a decrease compared to last year's $513.34 billion.
Revenue in Greater China was $163.72 billion, down 8% from last year's $178.12 billion.
The main reason for this decline was a significant drop in iPhone sales in the Chinese market. According to Counterpoint Research, iPhone sales fell by 19% in the first quarter, causing it to drop to third place in the Chinese market, marking its worst quarterly performance since 2020.
However, the entire Chinese market is warming up, with an overall growth of about 1.5%, led by local brands such as Honor and Xiaomi.
Meanwhile, Apple's former competitor Huawei has seen a sales increase of nearly 70%, gradually regaining market share.
Nevertheless, Apple CEO Tim Cook has stated that China is the "most fiercely competitive market globally" and remains optimistic about the long-term development of the iPhone in the Chinese market.
