The shares of Apple (AAPL) saw a slight dip on Tuesday despite a report showing that iPhones sales have been steady amid global decline from competitors.

The shares of Apple Inc (NASDAQ: AAPL) saw a slight dip on Tuesday despite a report showing that iPhone sales have been steady amid global decline from competitors. The smartphones’ sales report released by Gartner, leading research and advisory firm, shows a relatively steady figure on the sales of Apple’s (AAPL) iPhones.

Apple (AAPL) has coasted upward into the $2 trillion market capitalization zone ahead of any other business brand in the world. Its competitive edge, especially in its smartphone sales, comes from its unique iPhone SE which has a similar High-end processor as well as the iconic iPhone 11 but comes at a relatively lower price of $399.

The smartphone sales report, released on Tuesday has however only been able to help slightly correct the dip in Apple shares in yesterday’s trading session, closing at $499.30 after recording a 0.82% loss. Nevertheless, the stock has started correcting its bearish trend in the after hours trading, adding 0.66% at pixel time (06:52 am UTC).

The Figure Behind AAPL iPhones, Other Brand Sales

According to the data published by Gartner, Global smartphone sales dropped 20.4% to 295 million units in the second quarter of 2020. This decline was attributed to the effects of the COVID-19 pandemic which impacted the global supply chain.

The sales of smartphones in Chinese markets flourished when compared to other regions and as Gartner noted, most major markets besides China continued to face some form of shelter-in-place restrictions for most of the second quarter of 2020 which led to continued declining smartphone demand. According to Anshul Gupta, senior research director at Gartner:

“The improved situation in China saw demand recovering quarter-over-quarter, Travel restrictions, retail closures and more prudent spending on nonessential products during the pandemic led to the second consecutive quarterly decline in smartphone sales this year”.

Of the five mobile phone brands profiled, Samsung took the lead in sales accruing 18.6% of the market share with 54,759.4 units sold in the second quarter of 2020. When compared with the same period in 2019, the 75,111.8 units sold gave Samsung a negative growth of 27.1%. Second-placed Chinese brand Huawei also recorded a 6.8% decline in sales when compared with its performance in Q2 2019.

Apple was listed third with 38,386.1 unit sales in Q2 2020 as against 38,522.9 units sold in the year-ago window. With a market share of 13%, AAPL recorded just a 0.4% decline in its iPhone sales making the growth relatively steady. Other ranked smartphone brands include Xiaomi in the fourth position, Oppo in the fifth, and all other brands ranked sixth.

Commenting on AAPL iPhone performance, Gartner’s research vice president, Annette Zimmermann noted:

“Apple’s iPhone sales fared better in the quarter than most smartphone vendors in the market and also grew sales quarter-over-quarter, the improved business environment in China helped Apple achieve growth in the country. In addition, the introduction of the new iPhone SE encouraged users of older phones upgrade their smartphones”.

This growth in Apple’s (AAPL) iPhone sales has also been reflective of the company’s Q2 productivity. The company reported a beyond expectation revenue of $58.3 billion. It has also crossed the $2 trillion market capitalization amid the implementation of a 4-for-1 stock split.

Business News, Market News, News, Stocks, Wall Street

Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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