Apple Inc. AAPL has sprung a surprise, with its top-tier iPhone 15 Pro Max emerging as the top-selling device in the first quarter of 2024 despite a slump in iPhone sales globally.
What Happened: The iPhone 15 Pro Max secured the top spot in the list of the best-selling smartphones worldwide for Q1 2024, with a 4.4% market share, according to a Counterpoint report. The iPhone 15 and iPhone 15 Pro followed closely, claiming the second and third positions, respectively.
The iPhone 14 and iPhone 15 Plus also made it to the top ten, with the iPhone 14 securing the fourth spot. This marks a continuation of Apple’s dominance, as the Q1 2024 rankings mirror those of 2023, where Apple had seven devices in the top ten list. Samsung Electronics Co Ltd.’s Galaxy S24 Ultra came in fifth.
Counterpoint’s report also highlighted a significant shift in consumer buying patterns, with half of Apple’s total Q1 sales being from the Pro range.
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This is a considerable increase from Q1 2020 when Pro models accounted for only 24% of purchases.
The report suggests a trend towards premium smartphones, with seven of the top ten devices being classified as premium, with a wholesale price at or above $600.
Why It Matters: This news comes after a recent report revealed that Apple’s iPhone sales had plummeted by 9.3 million units globally in Q1 2024, marking a 16% decline from the previous year.
Despite this, Apple’s largest iPhone manufacturer, Hon Hai Precision Industry Co., reported its best-ever April revenue in 2024, indicating a rebound in iPhone demand.
However, Apple CEO Tim Cook highlighted some positive signs, stating that iPhone sales in Mainland China had grown.
Apple’s Q2 earnings, which were announced on May 2, beat muted forecasts, with the company reporting a year-over-year revenue decline after snapping a four-quarter-long streak of falling revenue in the December quarter.
Price Action: At the time of writing, Apple’s stock was down 0.85% at $181.83, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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