Apple Springs A Surprise As Its Top-Tier iPhone 15 Pro Max Bags 'Best Selling Smartphone' Tag In Q1 2024 Despite Global Demand Downturn: Report
Portfolio Pulse from Rounak Jain
Apple Inc.'s iPhone 15 Pro Max has become the best-selling smartphone in Q1 2024, leading the global sales despite a downturn in overall iPhone sales. The device, along with iPhone 15 and 15 Pro, dominated the top three spots, reflecting a consumer shift towards premium smartphones. This performance comes amidst a 16% decline in iPhone sales globally but coincides with Apple's largest manufacturer reporting record April revenue and positive sales growth in Mainland China. Apple's Q2 earnings also surpassed expectations, despite a year-over-year revenue decline.
May 06, 2024 | 2:24 pm
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Apple Inc.'s iPhone 15 Pro Max leads Q1 2024 sales, showcasing resilience and consumer preference for premium models despite a global sales slump. Record April revenue from Apple's largest manufacturer and positive sales in China, along with better-than-expected Q2 earnings, highlight a strong market position.
The iPhone 15 Pro Max's position as the best-selling smartphone, despite a global downturn in iPhone sales, indicates strong consumer demand for Apple's premium products. This, combined with record revenue from its largest manufacturer and positive sales growth in China, suggests a potential positive short-term impact on Apple's stock. The better-than-expected Q2 earnings further support this outlook, although the stock was down 0.85% at the time of reporting, indicating market reactions may vary.
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