Apple Inc.’s (NASDAQ: AAPL) share of the smartphone market in China increased to 8.5% in the first quarter, a report from research firm Canalys said Friday. What Happened This compares with a 7.3% market share that Apple accounted for in the first quarter of 2019, Canalys said, as first reported by Reuters. China-based Huawei Technologies Co. Ltd., which has been facing sanctions in the United States, increased its market dominance further in Q1 at 41.1% from the 33.9% level a year earlier, according to Canalys. Huawei also saw its smartphone shipments increase by 1% to 30.1 million, as other local companies struggled in the wake of the novel coronavirus (COVID-19) pandemic. Browse Stock Market Store Items Oppo’s shipments plunged 26% in the quarter, Xiaomi Corporation’s (OTC: XIACF) plunged 26%, and Vivo’s dropped 19%, the research said. Apple saw its shipments decline by 4%. The lesser decrease in its shipments compared to rivals helped it increase its market share in one of the largest markets for smartphones. The coronavirus outbreak has hurt the economy worldwide, including the U.S., and Apple is looking to rebound strongly in China after the lockdown measures have been eased in the country following the pandemic. The Cupertino-based company surprised with an earnings of $2.55 per share, beating analyst estimates. Apple Price Action Apple shares closed 2.1% higher at $293.80 on Thursday. The shares traded 2.6% lower at $286.30 in the after-hours session. © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. Browse Stock Market Store Items
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