China net sales declined at a slower pace, as CEO Tim Cook cited strong performance of wearables and services in the region.
Daniel Ives, managing director of equity research at Wedbush Securities, said that there are a large number of iPhone users waiting to upgrade, which could help Apple grow in China.
"Even the new device launch cannot offset the drops in the old device," Peng told CNBC, adding that consumers could be holding off for a 5G iPhone, which Apple has not yet released,"In the next few quarter before 5G iPhones launch, Apple should expect very difficult quarters going forward because the older devices are losing interest."of its iPhone XR, iPhone XS and iPhone XS Max in China.
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