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Apple Inc (NASDAQ:AAPL) strengthened its dominance in China's premium smartphone market in October, boosting iPhone shipments.
China's smartphone market grew 8% year over year in October, led by Apple and supported by domestic manufacturers.
Apple sold one in every four smartphones in China, with iPhone shipments rising 37% YoY on strong demand for the iPhone 17 series.
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All three iPhone 17 models posted mid-to-high double-digit growth, led by the base model, and new iPhones accounted for over 80% of Apple's unit sales, Counterpoint analyst Ivan Lam noted.
Rising average selling prices are expected to further boost revenue, positioning Apple for a record December quarter.
Xiaomi (OTC:XIACY) reached the No. 2 spot for the first time in over a decade, fueled by the early launch of its Xiaomi 17 series and a strong portfolio, the analyst said.
OPPO drove domestic growth with its Find X9 and Reno 14 series, Lam noted. Despite rival Huawei's Mate 80 launch on Nov. 25, Apple maintains strong momentum, he said.
Overall, Apple's milestone of capturing one in four smartphone sales in China matches its previous peak in 2022. Meanwhile, domestic brands like Xiaomi and OPPO continue to expand their market presence, as per the analyst.
Last week, Counterpoint noted Apple's iPhone 17 series is driving a strong rebound in China, showing that premium demand remains robust despite weakness in the broader smartphone market.
Apple stock gained close to 7% year-to-date.
AAPL Price Action: Apple shares were up 0.36% at $268.41 premarket at the time of publication on Tuesday.
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