Apple’s iPhone shipments dip 10% in Q1 as Samsung reclaims the top spot

April 15, 2024 4:09 AM EDT

Apple (NASDAQ: AAPL) has registered a nearly 10% decline in iPhone shipments in Q1 2024 as the broader smartphone market experienced a resurgence, according to market data from IDC.

Global shipments of mobile phones increased by 7.8%, totaling 289.4 million units, in contrast to the previous year when the industry faced an excess of inventory.

Samsung Electronics (OTC: SSNLF) reclaimed the leading position in the market.

“The smartphone market is emerging from the turbulence of the last two years both stronger and changed,” said Nabila Popal, research director at IDC.

“While the top two players both saw negative growth in the first quarter, it seems Samsung is in a stronger position overall than they were in recent quarters.”

Meanwhile, the budget-friendly brand Transsion reported an impressive 85% surge in shipments, and Xiaomi Corp. made significant gains, narrowing the distance with Apple, which currently holds the second-place position, data showed.

The drop in iPhone shipments comes as Apple continues to struggle to maintain its sales momentum in China, the largest smartphone market in the world.

These challenges have been particularly evident since the launch of its latest iPhone line in September.

As a result, Apple's overall performance has been under pressure, with the company shipping 5 million fewer iPhones compared to the same period last year, as per IDC's preliminary data.

By Vahid Karaahmetovic

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Vahid Karaahmetovic