UBS: Apple is seeing strong iPhone demand in China

Apple is continuing to see strong iPhone demand in China, a new analyst survey finds in news that bodes well for current quarter earnings.
iPhone 13 Pro in Alpine Green
Eric J. Savitz for Barron’s:

China loves the Apple iPhone. That is a combination that has the potential to drive better-than-expected financial results for Apple’s June quarter.
The iPhone has come to dominate Apple’s financial performance, accounting for 55% of revenue in the first half of the September 2022 fiscal year, not counting any contribution from the App Store or other services revenue. China, meanwhile, represented 20% of Apple’s revenue in the same period.
The good news is that in China, iPhone demand remains remarkably robust. UBS analyst David Vogt said in a research note Monday that the latest iteration of the firm’s periodic survey of more than 7,000 smartphone users in the U.S., the U.K., China, Germany, and Japan found continued strength.
The survey found that the share of smartphone users in China who intend to buy an iPhone within 12 months spiked 6 percentage points from a year earlier, to 24%, the highest level in six years. Apple is taking market share from domestic Chinese brands, Vogt believes.

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