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Apple loses top smartphone sales spot: IDC

The first quarter smartphone sales data from IDC has some bad news for Apple (AAPL). IDC found Apple iPhone shipments fell 9.6% from the same period a year ago, allowing Samsung (005930.KS) to regain the top spot. Overall, global smartphone shipments rose 7.8% year-over-year.

In the video above, Yahoo Finance's Madison Mills and Josh Schafer discuss Apple's sales.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Stephanie Mikulich.

Video transcript

MADISON MILLS: While we wait for that bell to ring, we are going to hit on some of our top stories. And the top trending story from this morning, we're going to focus in on Apple. Their iPhone troubles continuing to pressure the tech giant, shipping just over 50 million smartphones in the first three months of the year. That falls short than the nearly 52 million that analysts were expecting. That's nearly a 10% drop from a year ago. Josh, what else are you looking at when it comes to Apple here?

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JOSH SCHAFER: Yeah, I mean, Maddie, it feels like with Apple, this wasn't necessarily a surprise in some ways, right? We've been talking about a slowdown in demand for a little bit, and I think that's why you see shares down a little bit today, but not necessarily weighed on significantly, right? Because the stock's already down about 9% this year, so I think some of it may be priced in as far as not-great demand to start the year.

But I think with Apple, it'll just be interesting to see sort of how they're able to bring in new demand. We know the stock was up last week on a report from Bloomberg that they were adding in AI-- potentially adding in AI chips into their Macs to sort of bring Mac sales back up. And to me, I think that's one of the biggest looming questions right now with the stock, is, OK, how do you bring demand back to some of these products?

Because I think a lot of people right now are sitting here with an iPhone thinking, why do I need a new one? Right? If you have the iPhone 12, what's really the difference between that and the 14 or the 15? I think it's not quite-- the pitch isn't really there for the consumer.

MADISON MILLS: And it's particularly difficult when you have consumers in China not buying these iPhones anymore, right? This is obviously a significant portion of the global population. China more aggressively kind of pushing homegrown brands as well-- I think about a Xiaomi-- and growth that we're seeing even across other sectors, like in Huawei and Alibaba and all of these names. So it's kind of not just an idiosyncratic issue for Apple. This is something that's weighing on some other brands, including Tesla, this morning, of course, laying off 10% of their workforce, according to some reports. So it also leads to a broader markets question about whether or not the Mag Seven is starting to stall here.