Apple share were already sliding in the pre-market session as tariff fears re-emerged but a report from Credit Suisse that iPhone shipments fell meaningfully in November sparked considerably more selling pressure.
In fact, CS says iPhone shipments in China dropped a shocking 35.4% YoY in November (following a 10.3% YoY drop in October). This compares to a 0.2% increase in the broader regional smart phone market. Additionally, CS reports that total shipments in China are now down 7.4% since the launch of the iPhone 11 line.
Luckily, Apple stopped reporting iPhone unit sales so this will soon be forgotten (or not).
Time for some more buybacks Tim?!