Apple just had a rough month in the world’s largest smartphone market. UBS estimates that iPhone sell-in figures for China dropped approximately 19% year-over-year in May, based on data from China’s CAICT, the government body that tracks telecom equipment registrations.
The decline is notable not just for its size, but for its timing. Apple was supposed to have an easier comparison this May. Instead, the company’s market share of smartphone shipments in China fell from 16% to roughly 11% over the same period.
From growth spurt to gut punch
Earlier in 2026, Apple was riding a genuine wave of momentum in China. Counterpoint Research reported a 20% increase in iPhone shipments during Q1 2026. Shipments in the first nine weeks of the year climbed 23%.
UBS, for its part, maintained a Neutral rating on Apple stock with a price target of $296.
