"Mad Money" host Jim Cramer had a strong reaction after new data revealed Apple Inc. (NASDAQ:AAPL) had a dismal start to 2024, facing a 19.1% drop in iPhone sales in China.
What Happened: Apple's iPhone sales in China nosedived 19.1% in the first three months of 2024, with its market share witnessing a significant decline to 15.7% from 19.7% a year ago, according to data from Counterpoint Research.
This is Apple's worst performance since 2020, largely due to the impact of Huawei Technologies Co.’s new product launches in the premium segment.
Huawei’s sales surged by 70% in the same period.
Cramer reacted to the news, saying, "Another day another ‘dump on Apple iPhone' day. This time it is a China survey that shows sales dropped 20%."
He thinks Apple's stock "could see $160."
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