![]() Apple's share of the entire market climbed to 21% (+3 pp y/y) in 1Q 2023. It is expected that total smartphone inventories will return to a healthy level in the next few quarters.Īpple sold about 58 mln iPhones (-2% y/y), more than anyone else in the industry thanks to its exposure to middle and high-income audience. It didn't help that sweeping advertising campaigns were launched touting discounts, so that retailers could destock (sell off their inventories). The poor stratum of the population has been hit the hardest by high inflation, which is the reason why the biggest decline in sales was observed in the segment of cheap smartphones. The total smartphone shipments dropped by 13% y/y in 1Q 2023 (2Q 2023 of Apple's fiscal year).įalling real incomes and the weak recovery of demand in China have prompted the downward trend in the smartphone market to continue. The global market of smartphones has fallen for a fifth straight quarter. ![]() Markets declined more than we had expected, prompting us to reduce the forecast for 2023 shipments in all segments of Apple's products. ![]() Nikada/iStock Unreleased via Getty Images Investment Thesisĭemand in the global market of devices remained weak.
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