In the second quarter of 2023, global smartphone market revenue fell 8% year-on-year and 15% month-on-month, far below US$90 billion, the lowest second quarter since the peak of the global epidemic lockdown in 2020. Commenting on Apple's performance, research director Jeff Fieldhack noted: "Apple's shipments fell 3% year-on-year, while the smartphone market fell 9% during the same period. At the same time, its ASP increased due to increased contribution from the Pro series, decreased contribution from the SE series, and the replacement of the Mini in the iPhone 13 with the Plus in the iPhone 14. As a result, although Apple's iPhone revenue fell 2%, its revenue share increased, reaching a record 45% in the second quarter. This is an increase of nearly 3% from the same period last year. The share of global operating profits also increased by 4% from the second quarter of 2022 to 85%, which is another record for Apple in the second quarter." The decline in revenue for the overall market was due to a 9% year-over-year drop in shipments, while average selling prices only increased by 1% during the same period. Commenting on the overall market dynamics, Tarun Pathak, Research Director, said, “The low ASP growth was mainly due to seasonality factors, for example, Q2 is the time of peak iPhone demand and new iPhone launches, and there was no launch of Samsung’s super-premium S and Z series. The annual revenue decline also translated into a loss in operating profit for the overall market. The sequential decline in operating profit was also impacted by the change in the shipment mix, especially the shipment share of Apple, which was the largest contributor to the total operating profit, falling by nearly 4% QoQ.” Although ASP growth stagnated this quarter, the premiumization trend is likely to continue as emerging markets drive the next phase of its growth, mid-tier brands target the high-end market, and premium brands aim to sell more high-priced models. As a result, global smartphone revenue and operating profit will begin to recover from the second half of 2023. This will support the smartphone market during a period when it struggles with declining shipments. |
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