Apple (NASDAQ:AAPL) has seen "resilient" demand for its iPhone in recent weeks, investment firm Wedbush Securities said, including an increase in market share in the Chinese market amid rising geopolitical tensions.
Analyst Dan Ives, who has an outperform rating on Apple (AAPL), noted that recent checks in China were "very stable" and perhaps, more surprisingly, showed no major production cuts as consumer demand continues to hold up despite worries about the global economy.
"While Apple clearly has benefited this quarter from December unit shortages that slipped into January/February, we have seen China iPhone demand in particular see a clear tick up this quarter with a strong month of March and is music to the ears of investors," Ives wrote in an investor note.
Regarding China, Ives noted that Apple (AAPL) has gained roughly 3% market share in the past 12 months, outperforming the competition in the smartphone market. Additionally, with roughly 25% of global iPhone users having not upgraded over the past four years, the "highly anticipated" iPhone 15 should provide a "steadier transition" than past iPhone cycles.
Ives also noted that Apple's (AAPL) Services business is set to accelerate in fiscal 2024, due in part to the company adding roughly 100M new iPhone users over the past 15 months, higher attach rates for services and recent price increases.
Going forward, Ives believes that Apple (AAPL) has a few "noteworthy" announcements ahead of it, including the likely announcement of its mixed reality headset in June, a potential hardware subscription plan, new artificial intelligence-focused functionality and new Mac launches.
Last week, Apple (AAPL) won an appeal against the U.K.'s antitrust watchdog, squashing what was set to be a full investigation into the company's mobile browser.

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform.