Apple recorded a historical 19.9% plunge in iPhone sales in last year's 4th quarter, a time period during which the company usually sees massive sales due to new models introduction and consumers' buying habits during holidays.
This has been new to Apple. Tim Cook, the company's CEO, blamed it on China's weak economy performance during a conference call.
The iPhone maker fought hard to gain consumer's attention during the past Chinese New Year holiday season, cutting prices of newer iPhone models on several official sales channels like JD.com and Tmall.
Recently, Apple has also lowered the trade in prices of iPhone XR, XS and XS Max siginificantly in its own flagship stores and online storefront. As of today, the company allows consumers to trade in their older smartphones, even made by a competitor, in order to get new iPhones on a discount price.
According to South China Morning Post citing an IDC report, Apple, trailing Xiaomi, both lost market share in terms of smartphone shipment in the 4th quarter. Meanwhile Huawei, the current market leader, gained exponentially by more than 23 percent.