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Apple’s iPhone Sales Lead Chinese Market in May Amid Global Growth, Says Counterpoint Research

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Apple’s iPhone sales surged to the number one position in China in May, marking the company’s strongest two-month global sales growth since the COVID-19 pandemic, according to data from Counterpoint Research. The tech giant experienced a 15% year-on-year increase in global iPhone sales during April and May.

This growth was mainly driven by rebounds in Apple’s two largest markets: China and the United States. Counterpoint Research also reported double-digit sales increases in Japan, India, and Middle Eastern markets, further contributing to the positive trend.

Ivan Lam, Senior Analyst at Counterpoint Research, noted that the second-quarter iPhone performance is promising but emphasized that the market dynamics in the U.S. and China remain critical determinants for overall success.

Data from the China Academy of Information and Communications Technology showed that shipments of foreign-branded phones in China rose slightly to 3.52 million units in April, up from 3.50 million the previous year.

Despite the growth, Apple faces intense competition from Chinese domestic smartphone brands. To remain competitive, the company has implemented price cuts, with Chinese e-commerce platforms offering discounts of up to 2,530 yuan (approximately $351) on the latest iPhone 16 models in May.

Lyft Shares Drop as Price Cuts Persist Amid Ongoing Competition with Uber

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Lyft (LYFT.O) shares fell 9% on Wednesday after the company announced that pricing trends from late 2024 are likely to continue in 2025, driven by its efforts to stay competitive with rival Uber. Lyft has been cutting fares and offering more discounts to attract riders and drivers.

During its fourth-quarter report on Tuesday, Lyft revealed that fares fell late last year and have remained low in early 2025. In contrast, Uber stated last week that it expects slight price increases for its UberX service this year as it passes rising insurance costs on to consumers.

Lyft has been using coupons and fare reductions to retain market share. However, Bernstein analysts highlighted that U.S. rideshare companies are reallocating incentives, reducing driver incentives to fund customer promotions—a strategy that could work if properly balanced.

Lyft emphasized that it has flexibility in adjusting incentives to ensure marketplace balance, with a strong driver base currently on its platform. However, analysts at Needham cautioned that extended price cuts could test the industry’s price elasticity and overall demand.

Following Lyft’s fourth-quarter results, at least 13 brokerages lowered their price targets for the company, with a median target of $18, according to LSEG data. The company also projected gross bookings below Wall Street estimates, mirroring Uber’s recent guidance.

Lyft’s forward 12-month price-to-earnings ratio stands at 13.4, compared to Uber’s 29.4. While Lyft’s shares fell 13.9% in 2024, they have risen 11.6% so far this year. However, if the current share decline holds, Lyft’s market capitalization is expected to drop by over $500 million to around $5.4 billion. Uber’s shares were also down about 3% on Wednesday.

Huawei Slashes Prices on Premium Devices During JD.com Promotion

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Huawei announced significant price cuts on several high-end devices, including smartphones, headphones, watches, and tablets, offering discounts of up to 3,000 yuan ($411) during a special promotion on JD.com. The “Super Brand Day” event, which took place over the weekend, saw Huawei reducing prices on its premium range of products, as part of a limited-time offer running from Saturday evening to midnight on Sunday. This move is part of Huawei’s ongoing efforts to boost sales and attract more customers amidst increasing competition in the tech market.