Apple's holiday-quarter forecast faces threat from Huawei, weak China market

© Reuters. FILE PHOTO: People stand outside an Apple Store as Apple's new iPhone 15 officially goes on sale across China, in Shanghai, China September 22, 2023. REUTERS/Aly Song/File Photo

Apple's own iPhone 15 line-up has gotten off to a slow start in the crucial international market. Counterpoint estimates China sales of the latest series were nearly 5% lower compared with the iPhone 14 in the first 17 days after launch. Those fears, as well as a wider pullback in tech stocks due to high interest rates, knocked Apple shares down nearly 14% in the three months to October-end, compared with the tech-heavy Nasdaq's 11% decline in the same period.

Wall Street analysts expect iPhone sales to rise about 6% in the October-December period, according to LSEG data. That is well below historical levels - barring 2022's holiday season quarter when Chinese COVID-19 curbs curtailed production of high-end iPhones, the average holiday quarter sales growth for the device has been 9.2% in the past four years.

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