LIVE MARKETS-iPhone sell-through rate dips in Feb as demand remains weak, brokerage UBS says

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IPHONE SELL-THROUGH RATE DIPS IN FEB AS DEMAND REMAINS WEAK, UBS SAYS

Apple's AAPL.O iPhone sell-through slipped 1% year-over-year in February, as demand across three major markets - the U.S., China and Europe - remained muted, UBS analysts say based on their analysis of smartphone sales data from Counterpoint.

That compares to flattish market growth globally. The weakness stems from Apple continuing to cede market share in China and Europe, where February sell-through fell about 17% and 12%, respectively, UBS says.

In the U.S., meanwhile, sell-through declined roughly 1%. But the overall U.S. smartphone market declined about 5%, meaning the iPhone had managed to gain market share in the U.S. UBS notes it currently stands at 50.2%, up about 215 basis points from a year earlier.

Sell-through typically measures the percentage of inventory that a retailer sells to customers.

Apple has been facing stiff competition from rivals including Samsung 005930.KS and China's Huawei, who have raced to beef up AI offerings in their products. Apple has been equipping its phones with AI features as well, but at a much slower pace compared to rivals.

The company unveiled a range of AI capabilities - dubbed Apple Intelligence - last September, but it has been rolling out those features in phases, disappointing users who were hoping for a bigger, better roll-out.

Still, UBS analysts point to some green shoots for Apple - sell-through in India and other markets jumped about 20%, partially offsetting the pressure in China and Europe.

(Deborah Sophia)

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