Apple gains smartphone share on 'growing demand' for iPhone 13: Canalys
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Apple (NASDAQ:AAPL) gained share in the smartphone market in the first-quarter, largely due to the "growing demand" for its iPhone 13, research firm Canalys said on Tuesday.
The Cupertino, California-based Apple (AAPL) accounted for 18% of the smartphone market, up from 15% in the first-quarter of 2021, even as overall smartphone shipments fell 11%, due to "unfavorable economic conditions and sluggish seasonal demand."
"While the iPhone 13 series continues to capture consumer demand, the new iPhone SE launched in March is becoming an important mid-range volume driver for Apple," Canalys Analyst Sanyam Chaurasia said in a statement.
"At a similar price point to its predecessor, it offers an upgraded chipset and improved battery performance and adds the 5G connectivity that operator channels are demanding."
Apple (AAPL) shares rose 1.5% to $167.62 in late trading on Tuesday.
Coming in first in the smartphone market was Samsung (OTC:SSNLF), which accounted for 24% of the market, up from 22% in the year-ago period. Xiaomi had 13% of the market, coming in third place, while OPPO and vivo rounded out the top five, with 10% and 8% of the market, respectively.
On Tuesday, Rosenblatt Securities analyst Barton Crockett started coverage on Apple (AAPL) with a neutral rating and a $184 price target, noting it is facing several obstacles coming from China.