Apple (AAPL.O) launches a new tab. According to data released on Sunday by research firm IDC, smartphone shipments fell by almost 10% in the first quarter of 2024 as a result of fiercer rivalry among Android smartphone manufacturers vying for market share.
World smartphone shipments rose 7.8% to 289.4 million devices between January and March, with Samsung (005930.KS) opening a new tab, overtaking Apple as the leading phonemaker with a 20.8% market share.
The sharp drop in sales for the iPhone manufacturer follows a stellar quarter in which it surpassed Samsung to become the world’s top phone manufacturer. With a 17.3% market share, it has returned to the second position as Chinese companies like Huawei increase their market share.
Xiaomi, a leading smartphone manufacturer in China, held third place with a 14.1% market share during the first quarter.
Around 60 million phones were supplied by South Korean company Samsung during the period after the company unveiled its most recent flagship smartphone lineup, the Galaxy S24 series, at the beginning of the year.
In the first three weeks of their release, sales of Galaxy S24 smartphones worldwide increased by 8% when compared to the Galaxy S23 series of the previous year, according to data source Counterpoint.
IDC reports that Apple shipped 50.1 million iPhones in the first quarter, compared to 55.4 million units during the same period last year.
In comparison to a year earlier, Apple’s smartphone shipments to China decreased 2.1% in the last quarter of 2023.
The decline highlights the difficulties the American company faces in its third-largest market, where several Chinese businesses and government organizations ban staff access to Apple devices. This practice is similar to American government prohibitions on Chinese software due to security concerns.
The Cupertino, California-based corporation will showcase upgrades to the software that powers iPhones, iPads, and other Apple products at its Worldwide Developers Conference (WWDC) in June.
Investors are keeping a tight eye on Apple’s artificial intelligence development efforts, as the company has not disclosed many details about how it plans to integrate AI technology into its products. The corporation lost its title as the most valuable company in the world earlier this year to Microsoft (MSFT.O), opens new tab.
(Reuters)
