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Shares of Apple (AAPL) rallied to a new record high last Thursday and are up 50% this year, driven by optimism it will continue to churn out big profits regardless of the health of the economy. However, after reporting four consecutive quarters of declining revenue, fresh headwinds are making it harder for the company to repeat its record-setting pace.
Apple, the world’s most valuable publicly traded company, faces new challenges in 2024. In China, where Apple gets 20% of its revenue, government agencies are cracking down on the use of foreign-made devices. Also, competition from Huawei Technologies Co. is intensifying after it unveiled its new Mate 60 Pro smartphone. In addition, Apple’s smartwatch business faces a potential U.S. ban days before Christmas due to a patent dispute.
