Apple struggling to find new iPhone users in China. It seems that the Chinese have lost interest in the smartphone of the giant from Cupertino, as fewer consumers are looking for it, Longbow research shows. According to Chinese search engine Baidu, the iPhone search trend declined 48 percent last month. This is the fifth consecutive month of declining searches.
Baidu search data directly matches the current requirements of the smartphone market. Over the past four years of sale Apple iPhone year on year correlated up to 74 percent with Baidu search data. Moreover, data show a 82 percent correlation with iPhone shipments to China. "The multiple price cuts for the iPhone did not stop the further weakening of Chinese trends in iPhone searches, while sales in February were terrible," Longbow analyst Sean Harrison said on Tuesday.
AppleThe iPhone has lost 5% in China year on year, seeing a 30% decline since January. Although the search is not an accurate tool for measuring demand, a sharp drop is quite reasonable. This correctly reflects a decline in popularity. Apple in China.
The situation is alarming, since even multiple cuts in rates by Chinese retailers showed no signs of improvement. However, there are no official data, and quarterly reports are scheduled for April 30. We need to wait for the official data to find out the real situation of the company in China.
Longbow kept a neutral rating Apple and he expected the stock price to be $ 11 this fiscal year. “At present, we do not see any catalysts in the near future to stimulate a significant increase in EPS,” said Harrison.
- Read more: problem Apple will not disappear even with lower iPhone prices in China
Currently Apple you need to reorient your plans in China. Otherwise, by 2019 it would be difficult to achieve any increase in sales. Users are switching to new smartphones, such as Galaxy S10.
Apple plans to announce a new television and subscription news service at the event on March 25.
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