Apple overtakes Samsung in global smartphone market share

CUPERTINO - Apple Inc (NASDAQ:AAPL). has reclaimed the top spot in the global smartphone market, outpacing Samsung (KS:005930) for the first time since Samsung surpassed Nokia (HE:NOKIA) in 2011. The latest data from IDC shows that Apple's market share has reached 20.1%, while Canalys reported a higher share at 24%, edging ahead of Samsung's 19.4%. This milestone comes as the iPhone maker benefits from the success of its iPhone 15 series, despite a 3.2% contraction in the overall smartphone market.Apple's ascent to the market lead is a significant shift in the smartphone industry. With a total of over two hundred thirty-four point six million iPhones shipped throughout 2023, Apple has achieved this milestone despite focusing on premium devices since their iPhone launch in 2007. The iPhone 15 series, with its advanced features and capabilities, has been a major contributor to Apple's growth during a challenging year for smartphone manufacturers.The industry is now looking ahead to Samsung's strategic move, with high anticipation surrounding the upcoming reveal of its Galaxy S24 family. This event is expected to be Samsung's response to the competitive pressure exerted by Apple's recent success. However, Samsung's shipments fell sharply by 13.6% to two hundred twenty-six point six million units last year, indicating a challenging path ahead.Investors and consumers alike are closely watching to see how Samsung will aim to recapture market leadership and respond to the current market conditions. With the smartphone industry being highly competitive, the upcoming product launches and innovations from both Apple and Samsung will likely shape the market landscape in the months to come.During the critical holiday season quarter, Apple witnessed an eleven percent jump in iPhone sales totaling eighty point five million devices shipped as opposed to Samsung’s decrease to fifty-three million units sold—a drop of around eleven percent from last year. Amidst regulatory challenges and Huawei competition in its biggest market China, Apple flourished thanks to the growing premium segment that accounts for more than one-fifth of the industry.In anticipation of China's Lunar New Year celebrations, Apple introduced price reductions for the iPhone 15 line by up to 5% between Wednesday and Saturday. IDC emphasized that their statistics reflect only new smartphone shipments and do not include refurbished models.Looking to the future, expectations are set for Apple to report fiscal first-quarter earnings at $2.10 per share on revenues of $118.24B on Thursday, February 2. However, shares dipped in premarket trading today by approximately two percent.

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