Samsung Tops Apple in Smartphone Sales – But Does That Make It the Better Company?

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Samsung Tops Apple in Smartphone Sales – But Does That Make It the Better Company?

Samsung Electronics (KS:) surpassed Apple (NASDAQ:) to become the world’s leading smartphone maker in Q1 2024, according to data from market research firm IDC. Apple’s iPhone shipments fell by almost 10% compared to the previous year.

This decline happened despite the global smartphone market bouncing back, with shipments increasing by 7.8% to reach 289.4 million units.

Samsung regained the top spot as it sold 60.1 million with a 20.8% market share while Apple lagged as it sold 50.1 million iPhones with its market share at 17.3%.

******** brands such as Xiaomi (OTC:) and Huawei also gained ground, with Xiaomi taking the third position at 14.1% market share.

Samsung Benefits From U.S. Chips Act

On Monday, the U.S. Department of Commerce announced that the Biden administration plans to grant up to $6.4 billion to the South Korean company for expanding its chip production in Texas.

This funding is part of America’s strategy to ramp up chip production domestically, spurred by the Chips and Science Act of 2022. The aim is to reduce reliance on ****** semiconductor manufacturing by incentivizing companies to invest within the U.S.

As part of this effort, the U.S. government anticipates Samsung will pour around $45 billion into building and expanding facilities in Texas by the end of the decade.

These high-tech investments not only promise wealth and job growth in the U.S. but also provide a significant boost to Samsung.

The company is already benefiting from soaring demand for semiconductors. In early April, Samsung projected its first-quarter operating profit for 2024 to be more than ten times higher than the previous year, driven by surging chip prices.

Specifically, the group expects its operating profit for January to March to jump by 931.3 percent to 6.6 trillion won, approximately $4.77 billion.

Samsung Stock Surges

This bullish

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is also evident in Samsung’s stock market performance. While Apple has seen a 15 percent decline from its December peak, Samsung has been on an upward trajectory, rising about 11 percent from its three-month lows in January.

Over the past year, Samsung’s stock value on the Korean Stock Exchange has surged by more than 21.44%, reaching a market capitalization of approximately $385 billion.

Analysts remain optimistic about Samsung’s future, with 38 experts forecasting an average target price of 101,505 Korean won per share ($73.40) over the next 12 months, representing a 28.65 percent increase from the current price of 78,900 won ($57.06).

Source: Investing.com

On April 30, the company will release its financial report for the first quarter of 2024. Investors will discover if Samsung can keep growing in the stock market after dominating the smartphone market. The big question is whether the chip surge will fuel further growth.

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Disclaimer:This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counsel or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way. I would like to remind you that any type of asset, is evaluated from multiple points of view and is highly risky and therefore, any investment decision and the associated risk ******** with the investor.

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