In the first quarter of 2024, Apple's smartphone shipments experienced a decline of about 10%, according to data from research firm IDC. This drop was attributed to intensified competition from Android smartphone makers vying for the top position in the market.

Despite the overall increase of 7.8% in global smartphone shipments to 289.4 million units during January-March, Apple lost its position as the top phone maker to Samsung, which captured a market share of 20.8%. Apple's market share fell to 17.3%, placing it in the second spot. Chinese brands like Huawei gained market share, contributing to Apple's decline.

Xiaomi, another major player in the smartphone market, secured the third position with a market share of 14.1% during the first quarter.

Samsung's success was bolstered by the launch of its latest flagship smartphone lineup, the Galaxy S24 series, at the beginning of the year. The company shipped more than 60 million phones during the period, with sales of Galaxy S24 smartphones showing an 8% increase compared to the previous year's Galaxy S23 series.

In contrast, Apple shipped 50.1 million iPhones in the first quarter, down from 55.4 million units shipped during the same period last year.

Apple also faced challenges in the Chinese market, with a 2.1% decline in smartphone shipments in the final quarter of 2023 compared to the previous year. Some Chinese companies and government agencies limiting the use of Apple devices among employees contributed to this decline.

Looking ahead, Apple is set to hold its Worldwide Developers Conference (WWDC) in June, where it is expected to announce updates to the software powering its devices. Investors are particularly interested in updates on artificial intelligence development, an area where Apple has been relatively quiet. Earlier this year, Apple lost its position as the world's most valuable company to Microsoft.