China's Smartphone Shipment Plunges By 32% In February

• Shipments of smartphones within China plummeted 31.8% year-on-year to 14.5 million handsets in February, Reuters reports from the China Academy of Information and Communications.
• CAICT cited that the handset brands currently face production issues due to the global chip crisis, including delayed customer upgrades.
• Also Read: Falling Chip Prices Are Making 5G Phones More Affordable
• A demand miscalculation, random factory shutdowns, and U.S.-China strains prompted several automobile companies to report chip sourcing issues.
• Apple Inc’s (NASDAQ:AAPL) key position in China helped it to account for 51% of the global smartphone sales for the first time.
• The shipments plunged 21.3 million handsets in February 2021 and 32.4 million in January 2022.
• Price Action: AAPL shares traded lower by 0.11% at $163.80 in the premarket on the last check Monday.