Apple's smartphone shipments in China shrank 2.1% in the final quarter of 2023 from the same year-ago period, hurt by intensifying competition from local rivals led by Huawei, data from research firm IDC showed on Thursday. The drop underscores the challenges facing the U.S. firm in its third biggest market, as some Chinese companies and government agencies limit employees' use of Apple devices, a measure that mirrors U.S. government restrictions on Chinese apps on security grounds. Huawei, whose smartphone business was decimated by U.S. sanctions, also made a comeback last year with new launches, intensifying competition in the world's biggest smartphone market that grew just 1.2% in the final quarter of 2023...

(Bloomberg) -- Apple Inc.’s iPhone was the top-selling smartphone series in China for the first time last year, a surprisingly strong showing in the face of fierce local competition and expanding government prohibitions against the American company’s technology.Most Read from BloombergMusk Fails to Convince Tesla Investors to Overlook Slow GrowthBoeing Growth Plans Arrested as Regulator Freezes Output HikesRussia Says Ukraine Downed Plane Carrying Prisoners for SwapHow Yemen’s Houthi Attacks Are...