Apple's tough start to the year is continuing.
The tech giant is still embroiled in a public legal battle that has blocked US sales of its Apple Watch. Meanwhile, the company's stock suffered two downgrades in the first week of January, first by Barclays and then by Piper Sandler.
Apple's problems in China are also worsening.
Data obtained from market research company GfK by Bloomberg showed that Apple's iPhone 15 hasn't been selling as well as its predecessor in China.
The slow start from Apple's latest offering recently expanded to a 30% year-on-year decline, Bloomberg reported, citing Jefferies analysts led by Edison Lee.
Apple isn't likely to see its iPhone sales recover from this sluggish start, per Jefferies analysts, which forecast a double-digit drop in volumes for 2024. The company saw a similar decline in December, per Bloomberg.
Apple's relationship with China has been under strain recently.
The Chinese government has been cracking down on the use of iPhones by officials in the country. Bloomberg previously reported that Chinese officials across at least eight provinces had been told to stop using Apple's phones.
Apple is also under pressure from local competitor Huawei. Jefferies analysts previously said Huawei had outpaced Apple's iPhone 15 with its Mate 60 Pro smartphone, released weeks before Apple's new iPhone iteration.
Last year, CEO Tim Cook made two trips to China to try and defend the company's position in the country. China has long been one of the iPhone maker's most important international markets, with much of the company's manufacturing still conducted there.
Apple did not immediately respond to a request for comment from Business Insider, made outside normal working hours.
