Apple stock price decline - impact of lower demand for iPhone in Chinese market

According to the U.S. Reuters news agency, Apple (AAPL) stock was on the rise on Friday, U.S. time.
It fell in the US market pre-market on Friday morning, Korean standard time. This is due to iPhone sales falling slightly short of expectations due to weakness in the Chinese market.

The company reported earnings per share (EPS) of $2.18 and total revenue of $119.5 billion. Analysts surveyed by Investing.com expected EPS of $2.10 and revenue of $118.06B. Despite the slightly better-than-expected performance, sales in Greater China fell 13% to $20.82 billion, as demand for iPhones declined due to difficult competitive conditions in China.

"Apple's worrisome China sales numbers show it is slowing more than expected due to competition from local players, including Huawei," said Jesse Cohen, senior analyst at Investing.com.
iPhone sales, which account for about half of total sales, rose from $69.7 billion to $65.78 billion compared to the previous year, but fell short of expectations of $67.82 billion.

Additionally, Apple's services business, which includes Apple Music, Apple TV+ and iCloud, grew revenue from $23.12 billion to $20.77 billion over the previous year, but fell short of expectations of $23.35 billion. In addition, wearable device and accessory revenue was $11.95 billion, down from $13.48 billion the previous year, but ahead of $11.56 billion.