Apple (NASDAQ: AAPL) stock fell in the pre-market trading Tuesday, likely in response to new data showing a roughly 10% decline in Apple smartphone shipments in Q1.
Samsung has taken the lead as the top global phone maker, surpassing Apple (NASDAQ: AAPL), according to a report by research firm IDC released on Sunday, as reported by ReutersReuters.
Samsung now commands a market share of 20.8%, while Apple’s market share has declined to 17.3% in the first quarter. This decline in Apple’s market share comes after a roughly 10% drop in sales, despite global smartphone shipments increasing by 7.8% to 289.4 million units.
The report highlights the impact of strong competition from Chinese brands like Huawei, which has dealt a blow to Apple. In China, Apple faced a 2.1% decline in smartphone shipments in the fourth quarter of 2023 as the tech giant grappled with challenges, including device limitations imposed by Chinese companies and government agencies.
Apple is scheduled to report its second-quarter earnings in early May. Market analysts are forecasting an EPS of $1.51 on quarterly revenue of $90.52 billion for the iPhone maker. In the second quarter of 2023, Apple reported EPS of $1.52 on revenue of $94.84 billion.
In addition, Apple is gearing up for its Worldwide Developers Conference in June. The Worldwide Conference will see Apple unveiling new iPhone updates and other devices. The tech community, including investors and analysts, will be keenly watching for any announcements regarding the integration of AI into Apple’s product lineup.
Apple (NASDAQ: AAPL) Stock Movement
AAPL stock declined 2.19% to $172.69 in the pre-market trading Monday. The shares are now down -10.30% year-to-date. AAPL has a market capitalization of $2.66 trillion.
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