Q1 2024: Apple: Underperformed With Sluggish Demand In Developed Markets

Apple iPhone shipments declined 11% YoY to reach 49.2 million units and 17% market share slipping to second spot in global smartphone market in Q1 2024. One key reason for decline is slowdown in China given Huawei’s growth in the country as well as the restriction from Chinese government limiting use of iPhones by government officials. Moreover, not just China, iPhone shipments declined in most of the regions amid lengthening replacement cycle. Growth in some emerging markets could not offset the decline. Apple registered its highest-ever Q1 ASP at US$934 driven by a higher mix of iPhone 15 series “Pro” models. TechInsights team would be keeping a close watch on the progress of Apple vs US Department of Justice case because that plays a key role in the company’s long term outlook.

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