Current iPhone shipments in China are 12 percent down on the iPhone X series, according to a research note from Goldman Sachs seen by AppleInsider. It casts some doubt on the idea that we are in the midst of a so-called ‘super-cycle’.

Analyst Rod Hall analyzes the latest China smartphone shipment data for the month of May, which was recently released by the state-run China Academy of Information and Communications Technology (CAICT). Total handset units during the period clocked in at 23 million units, down 32% year-over-year. Hall points out that this appears to be the lowest shipment numbers for China since at least May 2014. Hall also says that re-opening “seems to have pulled demand forward quite a bit out of April and May,” but that the impact appears to have been short-lived. He suggests that China’s re-opening story could be a blueprint for how other countries fare when they re-open.

Check It Out: China iPhone 12 Shipments 12 Percent Down on iPhone X

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