Has Apple Shot Itself in the Foot in This Crucial Smartphone Market?
The global smartphone market has taken a beating over the past couple of months. The novel coronavirus outbreak has forced people into their homes and brought most economic activity to a halt. Counterpoint Research estimates that global smartphone sales fell 14% year-over-year in February 2020, driven by a massive contraction in China.
The research firm points out that sales of smartphones in China fell 22% annually in the first quarter of the year as COVID-19 gripped the country. Moreover, smartphone sales forecasts for the full year appear to be grim, as IDC expects shipments to fall by 2.3%. Amid these gloomy smartphone numbers, the Indian market did well, and Apple (NASDAQ: AAPL) benefitted handsomely over there in Q1. The bad news: Apple's India momentum could snap soon.
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Source Fool.com
