Apple and Samsung have reported their earnings in the past quarter. Both are experiencing a decline in revenue, suggesting the smartphone market in 2023 will suffer. Counterpoint Research published a report of smartphone production in Q2 2023 and there was an 8% reduction compared to Q2 2022.
Samsung still holds the largest percentage ahead of Apple, Xiaomi, Oppo and Vivo. The difference in market share between Apple and Samsung is only 3%. Although the percentage share gap is small, Apple holds 45% of smartphone sales revenue. Far ahead of Samsung which holds only 17%.
Apple's tactic of selling iPhones at premium prices has been successful in generating high revenue. In the last quarter, iPhone income was only 2% lower than in Q2 2022. Samsung Electronics' profit shrank by more than 90% due to the affected chip market and declining smartphone sales.
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