Apple's smartphone shipments fell by approximately 10% in the first quarter of 2024 due to heightened competition from Android smartphone manufacturers vying for the top position, according to research firm IDC. Global smartphone shipments, however, increased by 7.8% to 289.4 million units during January-March. Samsung emerged as the top phonemaker with a market share of 20.8%, surpassing Apple, which now holds the second spot with 17.3% market share after a strong showing in the previous quarter. Chinese brands like Huawei are also gaining ground.

During this period, Samsung shipped over 60 million phones, boosted by the launch of its latest Galaxy S24 series at the beginning of the year, which saw an 8% increase in sales compared to the previous Galaxy S23 series. Apple shipped 50.1 million iPhones in the first quarter, down from 55.4 million units shipped during the same period last year.

In China, Apple faced a 2.1% decline in smartphone shipments in the final quarter of 2023 due to challenges like restrictions imposed by Chinese companies and government agencies limiting the use of Apple devices among employees, similar to U.S. government restrictions on Chinese apps.

Looking ahead, Apple's Worldwide Developers Conference (WWDC) in June is expected to showcase software updates for iPhones, iPads, and other devices. Investors are particularly interested in updates on Apple's artificial intelligence development, an area the company has not extensively discussed despite losing its title as the world's most valuable company to Microsoft earlier this year.