Global smartphone competition intensifies as Apple faces a 10% decline in sales in Q1 2024, losing its top spot to Samsung. Android manufacturers capitalize on Apple’s setback, with Samsung emerging as the new market leader with a 20.8% share. Meanwhile, Chinese brands like Xiaomi and Huawei gain traction, pushing Apple to the second position with a 17.3% market share.
Samsung’s success is attributed to the launch of its Galaxy S24 series, which saw a 8% increase in sales compared to its predecessor. In contrast, Apple’s iPhone shipments drop to 50.1 million units, marking a significant decline from the previous year. The decline is particularly notable in China, where Apple faces challenges from Chinese companies and government restrictions.
As Apple gears up for its Worldwide Developers Conference (WWDC) in June, investors anticipate updates on artificial intelligence (AI) integration, an area where Apple has lagged behind. Despite the setback in smartphone sales, Apple’s focus on software updates and AI development aims to strengthen its position in the competitive market.
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