iPhone sales falter in the world’s largest smartphone market

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Fast. Can you name the world’s largest smartphone market? If you said India, you are wrong. Want to take another gamble? The United States? No. The answer is China. And AppleInsider was able to view a note written by JP Morgan analyst Samik Chatterjee about Apple and the Chinese market, written for Morgan customers.
Chatterjee analyzed the latest smartphone data disseminated by the Chinese Academy of Information and Communications Technology and found that information for the month of April 2022 showed that 1.7 million international phone shipments were sent in China that month. Most of those deliveries were iPhone models, although the total number of phones delivered was 45% lower than the usual historical average of 3.1 million handsets.

In April, total smartphone shipments in China fell 26% on a sequential basis. Following the trend, iPhone shipments in China fell 16% from March to April. In previous years, shipments of iPhone models increased by a staggering 27% over the same period. Even with the decline, international phone shipments in China made up 9% of the smartphone market in the country. Although that was down from 11% in March, it was still above the historical average of 8%.

As of October last year, international phone shipments represent 19.2% of smartphone sales in China. That’s more than last year’s 15.8% of total Chinese smartphone sales from international shipments.
Chatterjee has a 12-month target price of $200 for Apple, which he calculated by multiplying his 2023 earnings estimate of $6.73 per share by a price-earnings multiplier of 30. Apple shares closed Friday at $149.64, pushing the stock 34% off its target price. analyst.

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