Apple’s Smartphone Revenue and Operating Profit Hit Records in Q2 2023 China Ranks No.1 in Shipments
Global smartphone market revenues declined by 8% YoY and 15% QoQ to significantly under $90 billion in Q2 2023, the lowest Q2 figure since 2020 during the height of the global pandemic-related lockdowns. The corresponding operating profit declines were 3% and 27% according to research from Counterpoint’s Market Monitor Service.
However, Apple led global smartphone revenues and operating profit with record June-quarter shares of 45% and 85% respectively.
Commenting on Apple’s performance, Research Director Jeff Fieldhack noted, “Apple’s shipments declined by 3% YoY while the smartphone market declined by 9% in the same period. At the same time, its ASP increased thanks to a growing contribution of the Pro series, declining contribution of the SE series and the replacement of the Mini in iPhone 13 with a Plus in iPhone 14. As a result, while Apple’s iPhone revenue declined by 2% annually, its revenue share grew, reaching a second-quarter record of 45%. This is up by almost 3% since the same quarter of last year. Its share of global operating profits also grew by 4% since Q2 2022, reaching 85%, another second quarter record for Apple.”
According to TechInsights, China surpassed the United States for the first time in Q2 2023 as the single market with the largest iPhone shipments.
While Apple's iPhone shipments in India increased by over 50% year-on-year in Q2 2023. India is now an important strategic market for Apple in terms of sales and manufacturing. In Q2 2023, India became Apple's fifth largest market.