Apple Inc. (NASDAQ:AAPL) shares are trading lower following a report Tuesday suggesting Huawei is increasing its Mate 60 series smartphone shipment target by 20%.
What To Know: Tuesday’s report follows an already rough week for Apple stock, particularly in relation to China and Huawei.
Recently, China announced a ban on the use of Apple devices for official use, the first comprehensive attempt by the country to reduce its reliance on foreign technology.
The move coincided with Huawei’s newly introduced Mate 60 and Mate 60 Pro smartphones which can potentially offer a Chinese-made high-end competitor to the iPhone.
A report impying an increase in Huawei’s shipment target by 20% of the Mate 60 series smartphone sank Apple stock further Tuesday.
Apple is also in the spotlight following the company’s Wonderlust event today. The iPhone 15, set to start at $799, was showcased.at Apple’s event on Tuesday, alongside its next product cycle.
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AAPL Price Action: Shares of AAPL were down 1.69% at $176.33 at the time of publication, according to Benzinga Pro.
Image by Jan Kuss from Pixabay
