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Apple iPhone Shipments Rise 2% in May Despite 15.5% China Revenue Decline, ASP Drops 1.2%

2026-07-09 08:31:35

According to Bernstein's July 8 Apple tracking report via Chao Xiang Research, iPhone shipments grew 2% year-over-year in May with expanding market share, driven by strong performance in the U.S., Japan, and emerging markets. However, China region revenue fell 15.5%, pressured by weakened promotional intensity during the 618 shopping festival and subsidy threshold changes. iPhone average selling price (ASP) declined 1.2% year-over-year, ending six consecutive months of growth, as the e-series accounted for 11% of sales mix and pulled down pricing. Meanwhile, iPhone DRAM content increased 27% year-over-year to 9.6GB, with 8GB-and-above models representing 95% of shipments. Bernstein maintained its outperform rating on Apple with a $350 price target.

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