No one could tell from Apple Inc.’s (NASDAQ: AAPL) stock price that it has become the number one company in the world based on smartphone shipments. It has been up against South Korea’s Samsung for years. And, in China, the world’s largest smartphone market with over 900 million users, Apple is up against stiff local competition. (These iconic gadgets have shaped our lives since the 1950s.)
IDC, a major IT industry research firm, announced the results of its Worldwide Quarterly Mobile Phone Tracker for the fourth quarter of 2023 and for the full year. Based on smartphone shipments across the entire industry, there was a drop of 3.2% year over year to 1.17 billion units in 2023. The fourth quarter was better as unit shipments rose 8.5% year over year to 326.1 million.
Speaking of the full year 2023 numbers, Nabila Popal, research director with IDC’s Worldwide Tracker team, stated, “Not only is Apple the only player in the Top 3 to show positive growth annually, but also bags the number 1 spot annually for the first time ever.”
Apple shipped 235 million smartphones last year, which gave it a market share of 20.1%. This was a growth of 3.7% over 2022. Samsung shipped 227 units and has a market share of 19.4%. However, its total sales fell 13.7% from 2022. Two Chinese giants took the next two places. Xiaomi’s smartphone shipments were 145 million, while Oppo’s were 103 million. These two companies have made Apple’s fight to pick up market share in China difficult.
Apple’s shares rose over 50% last year. So far this year, they are flat. More than one Wall Street research analyst has downgraded the stock. Among the reasons are Chinese competition and worry that iPhone 15 sales are soft. This softness may be because iPhone 15 features are not much different from those on the iPhone 14.
The fact that Apple had the number one global spot in smartphone shipments last year shows its smartphone business still has legs.
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