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Apple’s iPhone faces increasing competition in China

Apple’s success in the next fiscal year could hinge on whether it’s able to muster enough sales for the new iPhones in emerging markets, especially China.

“I’m not so impressed,” Kelly & Co Managing partner Kevin Kelly told FOX Business’ Liz Claman on ‘Countdown to the Closing Bell’ on Tuesday. “Especially because this isn’t going to move the needle.”

Apple (NASDAQ: AAPL) CEO Tim Cook unveiled the highly anticipated new prototype, the 10th anniversary iPhone X -- and several others -- on Tuesday at the company’s new $5 billion headquarters in Cupertino, Calif. Some of the new features will include facial recognition software, a button-less face and increased durability.

The phone, which is available for preorder on Oct. 27, costs $999. But, that price tag could ultimately hurt the tech giant, Kelly said -- particularly in Asia.

“It’s a status symbol,” he said. “A lot of Chinese consumers don’t need it, they don’t want it. The technology isn’t worth them paying up.”

In recent years, Apple has faced increasing competition from companies, and its share of the global smartphone market has slipped from 19.4% in 2012 to 14.5% last year, according to Strategy Analytics, a market research firm.

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