While experts attribute the decline to a slower-than-expected market recovery in China, consumer confidence is weakening due to economic instability and a decline in new devices from leading manufacturers.
As a result, revenue and operating profit in the smartphone market are also falling, though not as much as shipments.
With shipments falling less than normal in the first quarter of 2023 to 58 million units, Apple managed to capture almost half of all smartphone revenue.
Samsung’s shipments fell 19% year-on-year but rose 4% to 60.6 million units in the quarter. The launch of the Galaxy S23 series cut the decline in global revenues, raising the brand’s average selling price to $340.
According to experts, Apple and Samsung continue to be the most profitable brands, with 96% of operating profit in the smartphone market.
Source: Ferra
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