Apple’s (NASDAQ:AAPL) smartphone shipments declined by 10% year-over-year in the first quarter of this year, according to data from research firm IDC. Overall, global smartphone shipments increased by 7.8% year-over-year to 289.4 million units in the first quarter.
Samsung (OTC:SSNLF) was the market leader for global smartphone shipments with a market share of 20.8%, while AAPL had a 17.3% market share. Xiaomi, a top smartphone maker in China occupied the third position and had a market share of 14.1%.
According to the IDC data, Apple shipped 50.1 million iPhones in Q1, down from 55.4 million in the same period a year back. Moreover, the tech giant’s China smartphone shipments declined by 2.1% year-over-year in the final calendar quarter of last year.
AAPL CEO on a Visit to Vietnam
In other news, AAPL CEO Tim Cook is on a two-day visit to Vietnam, where he is likely to meet students and content creators. Vietnam is a key manufacturing hub for the iPhone maker.
Cook is also expected to meet users of Apple products and is likely to strengthen the company’s connection with local suppliers.
Is Apple a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 16 Buys, 10 Holds, and one Sell. Over the past year, AAPL has increased by more than 7%, and the average AAPL price target of $202.76 implies an upside potential of 14.8% from current levels.
