IDC: Apple falls in China's smartphone rankings

Apple’s (AAPL.NYSE, APC.FRA) ranking in the Chinese smartphone market fell to sixth in the third quarter from fourth the quarter before amid strong competition from Chinese brands, Reuters reported, citing research firm IDC on Thursday. The US company’s market share by volume was less than 10% in the third quarter, even as China smartphone sales expanded to hit a record high of more than 60 million units, the IDC said. Apple’s US stock price fell by more than 6% the day before IDC released its report, erasing US$35 billion of value. The figure marks the largest one-day loss in four years. Apple Chief Executive Tim Cook said the company plans to transfer some manufacturing processes back to the US next year, according to a separate report. Cook said the firm will spend more than US$100 million on production plans, as it partners with unnamed companies to manufacture most or all of the components in the US.