According to a shocking report from Counterpoint Research, China's tech titan Huawei has seen its sales rocket 64 per cent, leaving Apple in the dust.

Jobs’ Mob is losing the battle for the high-end smartphone market to the "resurgent" Huawei, which has bounced back from Western sanctions with its new Mate 60 phone series.

According to Counterpoint's senior analyst Mengmeng Zhang  the Mate 60 boasts 47 per cent Chinese-made parts, including a homegrown chip, making it a patriotic choice for Chinese consumers. But Apple's iPhone 15 is a flop, with no major improvements from the previous model,

She said that even Apple fanboys don’t feel the need to upgrade and are holding on to

older-generation iPhones for now.

Apple’s Chinese market is important. Its iPhone sales raked in €17.2 billion last year, a big chunk of its total phone sales of €57.7 billion. Apple's share of the Chinese smartphone market has also dropped to 15.7 per cent from 19 per cent a year ago, making it the fourth most-sold phone in China, compared to second in 2023.

Apple's stock was battered on the news, tumbling over 2.5 per cent by midday on the news of its sales woes. Shares of the big tech giant are now down over eight per cent year-to-date after soaring 46 per cent in 2023.

Shareholders had a lot to be worried about. The company is seeing weak iPhone demand, a lack of AI innovation compared to other big tech rivals, the decision to scrap a decade-long bet on EVs, and a €1.7 billion fine from the European Commission that brought antitrust threats to the fore.

Wedbush's tech analyst Dan Ives said that Wall Street's fears about Apple's prospects "resemble a horror show," noting that Chinese smartphone demand is "very sluggish."