In China, Apple captured the greatest quarterly market share by selling iPhones. It outran both COVID and the global economic slowdown.
According to Counterpoint Research data, the Cupertino, California firm sold over 24% of all smartphones in China during the third quarter of 2022. The researchers say it was the country’s second-largest seller on an annualized basis for the first time, outsold all makers in the quarter. In comparison, last year’s shipment figures were lower for the iPhone manufacturer. They were smaller than Vivo, Oppo, and Xiaomi Corp.’s rivals in the market.
The Odds Were Low, but Apple Pulled It Off
An economic slump exacerbated by rising inflation and interest rates has hobbled the overall smartphone market. Chinese retail sales have dropped by double digits multiple times this year, indicating a sharp drop in consumer demand. According to IDC statistics released earlier this week, all big brands took a significant fall. In addition, instead of acquiring new shipments, retailers relied on inventory buildups to sell their goods.
According to the company, Apple’s latest generation of iPhones had less demand than Apple had projected earlier this year. Even though it no longer offered iPhone Pro, demand for these devices remained high. Delays were exacerbated by antiviral lockouts and worker strikes at the company’s Zhengzhou facility in China. On February 2, the business will announce earnings.
What’s Going on In Big Tech Over in The West?
So far, approximately 25% of the S&P 500 companies have reported this earnings season, with close to half surpassing sales projections and nearly 70% exceeding earnings expectations. Next week, the big tech companies, including Apple, Alphabet, and Meta Platforms, are expected to provide further information on their expansion plans. It is particularly in light of the recently disclosed layoffs that eliminated over 52,000 jobs and ongoing supply chain issues. On one of its most gloomy outlooks, Intel shares fell in extended trading on Friday amid worries over chipmakers’ earnings prospects ahead of NXP Semiconductors’ next earnings report.
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