icon
icon
icon
icon
Upgrade
icon

Global smartphone shipments grew about 6% YoY in Q2 boosted by AI and promotional activities.

AInvestMonday, Jul 15, 2024 2:20 am ET
1min read

With the smartphone market growing rapidly, Apple's (AAPL.US) iPhone shipments stabilized in the second quarter, according to independent research firms. Global smartphone shipments rose 6.5 per cent, according to IDC, and consumer sales rose 6 per cent, according to Counterpoint Research.

Big discounts during China's 618 shopping festival helped attract consumers in the world's biggest smartphone market, which has been led by domestic vendors including Huawei this year. The new research adds to official data showing iPhone demand has been recovering since March.

Apple shipped 45.2mn smartphones in the quarter, up 1.5 per cent year on year, IDC said. But Counterpoint's data showed iPhone sales to end users fell 1 per cent, as both research firms found iPhone was losing market share.

The iPhone has been under pressure from domestic vendors. Discounts and new artificial intelligence features helped Apple and market leader Samsung Electronics (SSNLF.US) stabilise sales, and Samsung has also been promoting a new generation of smartphones with AI.

Nabila Popal, research director at IDC, said: "Apple's growth in the second quarter was significantly better than the negative growth in the first quarter. This was in part due to large discounts and promotions in many regions, but also due to Apple finally announcing its AI strategy at WWDC, which helped to restore customer confidence."

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.