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Apple suppliers see stock surge amid strong iPhone demand in China

EditorAmbhini Aishwarya
Published 11/03/2023, 03:45 AM
© Reuters.

Chinese component suppliers for Apple Inc (NASDAQ:AAPL)., including Sunny Optical Technology, AAC Technologies (OTC:AACAY), and Luxshare Precision Industry, experienced a surge in their share prices following the announcement of robust iPhone demand in China. This growth occurred despite an overall sales decline for Apple. On Friday, Sunny Optical saw a 5.6% increase, AAC Technologies rose by 8.2%, and Luxshare Precision Industry's shares climbed 1.9%.

Apple's Q4 results, revealed earlier this week, showed $89.50 billion in sales with iPhone revenue standing at $43.81 billion. This indicates a resilient demand for the iPhone 15 series this year, according to analysts from Morningstar.

Despite the strong iPhone performance, Apple's total sales in China dipped 2.5% from last year due to poor MacBook and iPad sales, as reported by CEO Tim Cook earlier this week. Nevertheless, Cook also reported a quarterly record for iPhone sales in mainland China during the September quarter, with four out of the top five best-selling smartphones being iPhones.

Meanwhile, Huawei Technologies is staging a surprise comeback with a new 5G smartphone model using advanced made-in-China chips post U.S. sanctions.

A report from The Wall Street Journal disclosed earlier this week that China has instructed some government agencies and state-owned companies to avoid using iPhones for work or business purposes.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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