Apple (AAPL) - Get Apple Inc. Report lost some of its share of the Chinese smartphone market last quarter, a Canalys analysis says, CNBC reports. The iPhone maker was knocked out of fourth place by local brand Xiaomi.
A separate report released earlier this year by Counterpoint Research found that the iPhone wasn't the top selling smartphone in China for 2016. That was the first time Apple was knocked down since 2012, CNBC added.
Apple needs to stay in the top 5 brands in China as they accounted for almost 75% of the 113 million smartphone shipments in the country, Canalys says.
The iPhone 8 is due out this fall and is expected to reinvigorate Apple's influence in China, CNBC noted.
More of What's Trending on TheStreet:
- Trump Just Resurrected the Ugly Practice Known as Civil Forfeiture for No Reason
- Birchbox Revolutionized How We Buy Beauty Products
- Falling Rats and Norovirus Sends Chipotle's Brand Image Plummeting: New Study
- 3 Things Tesla Doesn't Want to Admit
- It Is Time to Stop Blindly Trusting in the Apple iPhone - It Could Also Be Viciously Hacked