Apple Stock Drops as the Phone Maker Loses its #1 Ranking
iPhone shipments are down 10% for 2024 as first quarter sales numbers come in. That puts Samsung ahead of Apple (AAPL) as the top phone maker.
Apple has shipped out far fewer smartphones this year than anticipated, while at the same time, Samsung Galaxy S24 phones are up 8% in sales. That’s in comparison to the Galaxy S23 sales from last year.
Sales started to decline for Apple early this year. That is after a strong showing in December of 2023 when iPhone surpassed Samsung to be the leading phone manufacturer in the world. Now, Apple has dropped back to the #2 spot and only has a market share of about 17%.
What Is Hurting Apple’s Market Share?
The biggest factor driving down iPhone sales and chipping away at Apple’s share of the market is rapidly rising competitors like the Chinese company Huawei. The third highest ranking phone maker in the world is a company many people are probably not even familiar with- Xiaomi. This phone manufacturer is holding onto 14% of the market and making it harder for Apple to keep up its previous performance.
For the year, global smartphone sales went up by nearly 8%. That adds up to 289 million phones sold from January to March.
It is Samsung with the top spot and nearly 21% of the market share right now, leaving Apple playing catch-up. Samsung has managed to ship out more than 60 million phones already this year.
Apple’s stock is now down 1.88% compared to Friday, though the stock price recently jumped. The AAPL stock climbed from $168.61 a share on Wednesday of last week up to $178 a share by the next day. Now, the AAPL stock has dropped to $173.33 at the time of this writing and is still dropping. The recent gains have not been totally erased, but losing the top phone maker ranking may hurt Apple in the coming days.
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