Apple Defies Smartphone Market Slump In Q3 As Shipments Climb 8% YoY: Report

Apple Inc. AAPL was the lone smartphone vendor to register year-over-year growth in shipments in the third quarter, which suggests the iPhone revenue upside the company reported for the quarter was in part due to volume growth.

What Happened: Cupertino-based Apple's smartphone shipments rose 8% to 53 million units in the third quarter, according to a new report released by market research firm Canalys. 

“Apple reached its highest Q3 market share yet, driven by both the iPhone 13 and newly launched iPhone 14 series. The popularity of the iPhone 14 Pro and Pro Max, in particular, will contribute to a higher ASP and stable revenue for Apple,” said Runar Bjørhovde, research analyst at Canalys. 

See Also: How To Buy Apple (AAPL) Shares

Market leader Samsung Electronics Co Ltd. SSNLF and third-ranked Xiaomi XIACF saw volumes declining by 8% each. Shipments totaled 64.1 million and 40.5 million, respectively for these Asian companies.

"Mid-to-low-end demand has been hit, making it challenging for vendors to navigate in a competitive segment," Canalys said in the report.

Oppo and Vivo witnessed unit shipment declines of 22% and 20%, respectively, primarily due to the extended slump in the China market. 

Why It’s Important: The performance of Apple’s iPhone is particularly significant as the overall global smartphone market fell 9% in the quarter. 

Vendors will enter Q4 with cautious strategies. “Managing the gloomiest Q4 outlook in over a decade will show which vendors are well-positioned for the long-term,” said Canalys Analyst Toby Zhu. 

Read Next: To Counter iPhone Popularity, Google Reportedly Doubling Down On Investment In Its Own Hardware

Market News and Data brought to you by Benzinga APIs
Posted In: NewsPenny StocksTechMediaConsumer TechiPhone
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!