Apple, ASUS, Lenovo benefit as PC shipments show second sequential increase: JPM
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Apple (NASDAQ:AAPL), ASUS and Lenovo all gained ground in the PC market during the third-quarter, as the trio expanded their market share amid continued gains for the broader market overall.
JP Morgan said that the PC market saw its second quarter in a row of a sequential increase, "suggesting the market is recovering from trough levels," citing data released by research firm IDC. 
"Importantly, the seasonal increase in volumes should enable PC OEMs to leverage their existing lower cost structures to drive better profitability," JP Morgan analysts wrote in an investor note.
According to IDC, Apple expanded its market share to 10.6% in the third-quarter, compared to the 8.6% it had in the second-quarter. ASUS and Lenovo saw their market shares rise to 7.2% and 23.5%, compared to 6.5% and 23.1%, respectively.
Conversely, HP (HPQ) and Dell (DELL) both lost ground according to IDC, as they ended the period with 19.8% and 15.1% of the PC market, down from 21.8% and 16.7% in the second quarter.
Although there may be "persistent" pricing pressure, which could offset some of the better profitability, other themes emerged during the third-quarter the research firm added, including the end-of-life for Windows 10 and a device refresh, which could boost sales as soon as the second-half of next year; AI-enabled PC launches coming next year, which could boost both volume and higher average selling prices; and the continued push to diversify supply chains out of China.
Separately, research firm Gartner also released its quarterly data for PC sales this week and said worldwide PC shipments decreased 9% to 64.3M units in the third-quarter, marking the eighth consecutive quarterly decline.
Gartner's data showed that Lenovo, Acer and HP (HPQ) gained market share, while Apple (AAPL), Dell (DELL) and others lost ground.

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