According to Bloomberg, Apple's iPhone shipments to China plummeted 20% in the last quarter of 2018 - - and its loss was Huawei's gain. China's own local smartphone market shrank by 9.7% in the same quarter, leading to Apple's shipment dropping twice as much.
On the other hand, Huawei saw its smartphone shipments soar by 29%. I wonder if this has anything to do with the protests of North American goods by the Chinese people after Huawei's senior executive was detained in Canada. We saw Canada Goose lose 24% of its value due to the same protests.
The fact that the global economy is also slowing didn't help much as consumers choose an inferior smartphone to an iPhone whenever they feel poor. The iPhone is the new object of power. Scott Galloway even said it shouldn't be called the iPhone X but an iPhone Cross since that's what we worship, but we digress.
Investors seem to be coming to grips with the new norm, the iPhone is no longer the driver of growth and Apple Services is where its at! Apple's share price didn't even blink on the bad news. As I write this, Apple is up over 15% since the recent lows.