Apple is shutting a store in China, its first closure in the country
The company said Monday that it would close its store in Dalian City's Parkland Mall on Aug. 9. On social media, locals have described the mall as struggling, noting that other brands like Michael Kors and Armani had closed their stores there.
'Given the departure of several retailers at the Parkland Mall, we have made the decision to close our store,' said Brian Bumbery, an Apple spokesperson. 'We love serving the Dalian community, and all of our valued team members will have the opportunity to continue their roles with Apple.'
The closure is the latest sign of how China's economy continues to be challenged by tepid consumer spending. The government has poured large sums into programs designed to spur purchases of smartphones, washing machines and electric vehicles. The trade-in programs have gotten people to spend more but economists say the impact on consumption could be short-lived.
The pullback also reflects Apple's ongoing business troubles in China, which is its second-largest market. Apple has reported declining sales in China for six quarters. Last year, it reported total revenue in the country of $66.95 billion, nearly 10% less than its peak of $74.2 billion in 2022.
Chinese rivals like Huawei, Xiaomi and Vivo have eroded Apple's share of the world's largest smartphone market. Last year, Apple's share of sales of smartphones in China fell to 15.5% from 17.9% a year earlier, according to Counterpoint Research, a tech research firm.
Apple will continue to operate its other store in Dalian at another shopping mall, Olympia 66. The iPhone maker plans to open a new store in the southern Chinese city of Shenzhen this month. With that opening, the company expects to finish 2025 with the same number of stores, 58, as it had at the beginning of the year, even after the Parkland Mall closure.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
23 minutes ago
- Time of India
Apple iPhone sales hit 3 billion mark amid 13% YoY surge in Q3
Academy Empower your mind, elevate your skills Apple has sold 3 billion iPhones since the device first launched in 2007, CEO Tim Cook announced during the company's third-quarter (Q3) earnings call, according to took Apple nine years to reach 1 billion iPhone sales in 2016. Since then, it has sold another 2 billion devices, showing how the iPhone's popularity has grown over Q3, iPhone sales rose by 13% compared to the same period last year, generating $44.6 billion in revenue. The iPhone remains Apple's best-selling Apple had strong results to report this quarter and higher-than-expected iPhone sales, rising import tariffs could create challenges in the months ahead. Some analysts, including Bloomberg's Mark Gurman, believe the recent boost in iPhone sales may have been due to customers rushing to buy before potential price a positive note, Apple saw a modest recovery in China, where the company has recently struggled. Revenue from the region grew from $14.7 billion to $15.3 billion year-on-year, a welcome sign after several weaker also shared more positive news about Apple's performance in India . The company reported record revenue in India from April to June, with double-digit growth in iPhones, Mac computers, and the services business. Cook also said that the company is going to open its new Apple retail stores in India later this Apple reported quarterly revenue of $94.04 billion, up 10% from last year. Net profit reached $23.4 billion, or $1.57 per diluted share, a 12% increase in earnings per share.
&w=3840&q=100)
Business Standard
23 minutes ago
- Business Standard
Apple beats estimates with $94 billion revenue; India's iPhone exports rise
Apple Inc delivered its strongest quarterly revenue growth in more than three years, reporting $94 billion during the April-June quarter (Q3), significantly surpassing Wall Street expectations. The performance was driven by a rebound in iPhone demand, stronger sales in China, and continued momentum in the services division. Apple's revenue rises $94 billion, beats expectations Revenue rose by 9.6 per cent to $94 billion in the third quarter of the American financial year, according to the company's announcement on Thursday (local time). Analysts had projected an average of $89.3 billion, according to a report by Bloomberg. Apple also forecast that fourth-quarter revenue would increase by a percentage in the mid- to high-single digits, outperforming the 3 per cent rise predicted by analysts. Chief Executive Officer Tim Cook said that they had seen an acceleration of growth around the world in the vast majority of markets we track, including Greater China and many emerging markets. Consumers rush to buy iPhones ahead of Trump tariffs Although US tariffs have raised Apple's operating costs, they provided a temporary boost to sales last quarter, with consumers hurrying to buy products ahead of anticipated price hikes. However, Cook clarified that this accounted for only 1 percentage point of the overall 10-point sales gain. The company has also been regaining ground in China, where domestic phone brands have been making headway with customers. Apple's services division was another strong performer, beating Wall Street estimates. iPhone, services drive strong performance Apple shares climbed around 2 per cent in after-hours trading following the earnings release. The stock had fallen 17 per cent so far this year, trailing behind Nvidia Corp. and Microsoft Corp. in market valuation. Apple had previously projected a $900 million impact from tariffs in the third quarter, expecting revenue growth in the low-to-mid-single digits. On Thursday, the company reported that tariffs had ultimately cost it $800 million. It anticipates an additional $1.1 billion in tariff-related expenses during the current quarter. Third-quarter earnings rose to $1.57 per share, exceeding the average estimate of $1.43. In China, Apple reported revenue of $15.4 billion, a 4.4 per cent increase from the same period last year. Wall Street had expected $15.2 billion in sales from the key market. Apple generated $44.6 billion from iPhone sales during the June quarter, surpassing estimates of $40.1 billion. In addition to the tariff-driven demand, the iPhone business was lifted by the February release of a new entry-level model named the 16e. Priced at $599, it significantly exceeded the cost of its predecessor, the $429 iPhone SE. Apple is set to unveil its next generation of iPhones in September, with the models typically launching in the final weeks of the fiscal fourth quarter. Services remained Apple's fastest-growing segment, with third-quarter revenue climbing 13 per cent to $27.4 billion. India has surpassed China to become the largest exporter of smartphones sold in the United States, propelled by Apple Inc's expansion of iPhone assembly in the country. In the quarter ending June 30, 2025, shipments from India accounted for 44 per cent of the US market. Apple and other tech firms have been steadily shifting production away from China to mitigate risks linked to tariffs and escalating geopolitical tensions. India and Vietnam have emerged as key alternatives in this supply chain strategy. The move has attracted criticism from US President Donald Trump, who has been urging companies to repatriate manufacturing jobs.
Economic Times
23 minutes ago
- Economic Times
Apple iPhone sales hit 3 billion mark amid 13% YoY surge in Q3
Apple has sold 3 billion iPhones since the device first launched in 2007, CEO Tim Cook announced during the company's third-quarter (Q3) earnings call, according to reports. It took Apple nine years to reach 1 billion iPhone sales in 2016. Since then, it has sold another 2 billion devices, showing how the iPhone's popularity has grown over time. In Q3, iPhone sales rose by 13% compared to the same period last year, generating $44.6 billion in revenue. The iPhone remains Apple's best-selling product. While Apple had strong results to report this quarter and higher-than-expected iPhone sales, rising import tariffs could create challenges in the months ahead. Some analysts, including Bloomberg's Mark Gurman, believe the recent boost in iPhone sales may have been due to customers rushing to buy before potential price a positive note, Apple saw a modest recovery in China, where the company has recently struggled. Revenue from the region grew from $14.7 billion to $15.3 billion year-on-year, a welcome sign after several weaker quarters. Cook also shared more positive news about Apple's performance in India. The company reported record revenue in India from April to June, with double-digit growth in iPhones, Mac computers, and the services business. Cook also said that the company is going to open its new Apple retail stores in India later this year. Overall, Apple reported quarterly revenue of $94.04 billion, up 10% from last year. Net profit reached $23.4 billion, or $1.57 per diluted share, a 12% increase in earnings per share.
