Apple loses top spot as world’s largest phone seller

I’m Caroline Woods, reporting from the New York Stock Exchange. Here’s what we’re watching on the Street today. Stocks are looking to rebound after a tough week on Wall Street as investors react to strong earnings from banking giant Goldman Sachs. The bank stocks profit soared 28% thanks to a rise in investment banking revenues. And later this week, investors will be looking ahead to earnings from names like United Airlines, American Express and Netflix. In other news, Apple saw its shipments of its iPhones plummet by nearly 10% in the first quarter of 2024. According to the International Data Commission, the company shipped 50.1 million phones its first quarter a 5.3 million decline from 2023 Because of Apple’s drop, Samsung has retaken the title of world’s largest phone seller with a nearly 21% market share. Apple’s market share has dropped by 3.4% since the first quarter of 2023. What’s even more troubling for Apple is the steady rise of some of China’s other smartphone makers. Xiaomi saw its shipments increased by more than 33% in the first quarter. While transients skyrocketed by almost 85%, the two companies come in at 3rd and 4th respectively when it comes to market share. Rounding out the top five is Oppo, also based in China. Apple gained the title as the largest phone maker at the end of 2023, ending Samsung’s 12 year run at the top. But the rise of the other China based companies as well as the banning of devices from foreign companies for government workers has caused Apple to take a hit. Apple shipped more than 234 million iPhones in 2023, helping it add to the company’s more than $2.7 trillion market cap. That’ll do it for your daily briefing from the New York Stock Exchange, I’m Caroline Woods with the Street.