Aapl Stock Down This Year

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Aapl Stock Down This Year

Apple (Aapl) Stock Down By 26% This Year

Apple (AAPL) is facing challenges on a lot of different fronts, including lacklustre sales in China. As a result, Apple (AAPL) stock has lost 12% of its value since January 2024.

According to some experts, Apple (AAPL) will now need some time before it can flip the script and turn green once again.

Apple Car Cancelled, Lackluster Sales In China

Meanwhile, Apple has announced the cancellation of its car project, which was a major blow to the stock prices. Additionally, the iPhone sales in China are nothing short of a shock for both the company and investors.

Both of these factors have weighed heavily on the sentiment of Apple stock, which was once the favourite tech stock of investors. As a result, the stock value of APPL is still negative for the YTD, with no signs of improvement yet.

The reports of cancellation of the Apple electric car project started to float as early as February. Now that it is confirmed, it means Apple has spent close to 10 years and countless manpower only to ditch the project.

According to details, the EV project faced numerous headwinds, such as inconsistent progress and a global slowdown in EVs. Now that the project is over, many of the team members will now be moved into Apple's AI department.

However, the one key factor that puts the most pressure on Apple (AAPL) is the iPhone sales in China. In China, a rapid decline in iPhone sales is seen as consumers move towards other options. And if we look at sales from a global perspective, a decline is also seen.

Just a month ago, a research house published a report that around -24% change was seen in iPhone sales arising from China. The time period for this research was during the first 6 weeks of the year 2024.

If we look at Apple's market share in China, it is now standing at the 4th spot with a percentage of 15.7%. Earlier, the company was holding a 19% share in the smartphone sector of China.

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