Apple Inc (NASDAQ:AAPL) shares are trading lower Monday. The stock appears to be facing selling pressure after new data showed that Apple smartphone shipments fell approximately 10% in the first quarter.
What Happened: Research firm IDC reported on Sunday that Samsung has overtaken Apple as the top global phone maker with 20.8% market share, per Reuters.
The report indicates that Apple’s market share fell to 17.3% in the first quarter after sales dropped by about 10%, while global smartphone shipments increased 7.8% to 289.4 million.
The company is reportedly being negatively impacted by strong momentum in Chinese brands such as Huawei. Apple smartphone shipments in China fell 2.1% in the final quarter of 2023 ...