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Apple Inc.'s (NASDAQ:AAPL) iPhone sales have plummeted 16% in the first three months of 2024, starting the year on a bad note for the Tim Cook-led company.
What Happened: Apple's iPhone shipments fell by a staggering 9.3 million units, from 58 million in Q1 2023 to 48.7 million in Q1 2024, according to market research firm, Canalys.
Apple also emerged as the worst performer in the first three months of 2024 despite the iPhone 15 launch in September – its 16% decline was the highest, with the second biggest decline being that of Oppo's, at 6%.
Samsung Electronics Co. Ltd. (OTC:SSNLF) witnessed a marginal 1% decline, while mass-market brands like Xiaomi Corp. (OTC:XIACF) and Transsion witnessed 33% and 86% growth, respectively.
See Also: Goodbye Google Gemini? Apple In Talks With Microsoft-Backed OpenAI For iPhone AI Features: Report
The market saw a total of 296.2 million units shipped, marking a 10% growth after a challenging ten quarters. The growth was attributed to the introduction of new product lines by vendors and the stabilization of emerging market economies.
Samsung led the market with 60 million units shipped, driven by its A-series updates and early premium offerings. This helped Samsung reclaim the top spot from Apple.
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According to Canalys Senior Analyst Sanyam Chaurasia, Samsung benefited from the timing of the Galaxy S24 launch as well as its Galaxy AI offerings.
Why It Matters: The global smartphone market has seen a series of significant developments in 2024.
Apple has been struggling in China, one of its core markets, due to a recent resurgence of Huawei Technologies Co. iPhone shipments in China fell 19.1% year-on-year in Q1, leading to "Mad Money" host Jim Cramer calling it a "dump on Apple iPhone day."
However, Wedbush's Dan Ives thinks Apple, along with Elon Musk's Tesla Inc. are the only two companies capable of navigating the complex U.S.-China tech landscape.
Apple CEO Cook also recently visited China in what is being seen as a message to the Xi Jinping administration that Cupertino is "committed to China."
Price Action: Apple's shares closed 2.48% up on Monday at $173.50, according to Benzinga Pro.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo via Shutterstock
