Apple experiencing subdued demand in China after Huawei's robust comeback
Apple's iPhone demand in China has reportedly dropped, especially for the iPhone 14 Pro and Pro Max. This is probably due to Huawei's strong comeback in China and labor protests last November. Analyst Ming-Chi Kuo noted Foxconn supply chain issues caused a 12 million unit reduction (abovementioned models) in November 2022, leading to a lower revenue baseline for 4Q22. But Apple expected its 4Q23 revenue also to be similar to 4Q22, indicating a slower momentum triggered by China's demand decline.