Apple's Share Of China's Booming Market Slips

A lot of people in China want a smartphone, but that doesn't mean they want an iPhone. For the second straight quarter, Apple is losing out to cheaper Chinese brands as makers there launch phones with better features.

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RENEE MONTAGNE, HOST:

NPR's business news starts with Apple flipping in China.

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MONTAGNE: A lot of people in China want a smartphone, but that doesn't mean they want an iPhone. For the second straight quarter, Apple's share of China's booming market has slipped. The company is losing out to cheaper Chinese brands as makers there launch phones with better features.

One expert tells Reuters: For a phone to sell in China, it should be priced at about 70 percent of an average monthly salary. He said iPhones costs more than two months average salary.

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