Consumer Electronics

Apple iPhone Sales Surge

Douglas A. McIntyre

Published: March 12, 2024 6:45 am

After months of concern about iPhone sales and their potential effects on Apple Inc. (NASDAQ: AAPL) financial results, a new study shows that the iPhone is the dominant smartphone worldwide. In the fourth quarter of 2023, smartphone shipments rose 12.1% year over year to 337 million units, breaking eight consecutive quarters of declines, according to research firm TrendForce.

The iPhone sales numbers were impressive because its shipments outpaced its competitors by a staggering amount. Its production in the quarter rose at a rate five times that of any of its rivals. The report’s authors commented, “Apple stole the show in Q4 with a staggering 58.6% production surge—thanks to the buzz around its iPhone 15 series—cementing its lead with roughly 78.5 million units produced.” Apple’s share of the global market hit 23.3%. (Here are five reasons to avoid Apple products today.)

Investors have sold down Apple stock after years of sharp improvements. The shares are down 10% this year, while the Nasdaq is 7% higher. However, over the past five years, Apple stock has risen 271%, while the Nasdaq’s improvement is 108%.

Apple stock was most recently hit by a report that iPhone sales in China dropped 24% in the first six weeks of 2024. China is by far the world’s largest smartphone market.

Apple’s investors have a challenge. Depending on the research source, iPhone sales could be doing well or very poorly.

Source: Trendforce