Apple iPhone Sales Drop as Rivals Gain Ground
• Apple's iPhone shipments dropped 10% year-over-year in Q1 to 50.1 million units, missing expectations • The slump reflects declining iPhone sales in China due to more domestic competition and Huawei's resurgence • Samsung regained the top spot in global smartphone shipments while Xiaomi and Transsion bounced back • The broader smartphone market grew 7.8% year-over-year, rebounding from the pandemic turbulence • Average selling prices are rising as consumers opt for premium models, but Apple has resorted to discounts in China to spur demand