TheStreet’s Caroline Woods brings you the biggest news of the day, including what investors are watching and why Apple’s smartphone marketshare is dwindling.
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00:00I'm Caroline Woods reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Stocks are looking to rebound after a tough week on Wall Street as investors react to
00:09strong earnings from banking giant Goldman Sachs.
00:13The bank saw its profits soar 28 percent thanks to a rise in investment banking revenues.
00:18Later this week, investors will be looking ahead to earnings from names like United Airlines,
00:23American Express and Netflix.
00:26In other news, Apple saw shipments of its iPhones plummet by nearly 10 percent in the
00:30first quarter of 2024.
00:32According to the International Data Commission, the company shipped 50.1 million phones its
00:37first quarter, a 5.3 million decline from 2023.
00:42Because of Apple's drop, Samsung has retaken the title of world's largest phone seller
00:47with a nearly 21 percent market share.
00:50Apple's market share has dropped by 3.4 percent since the first quarter of 2023.
00:55What's even more troubling for Apple is the steady rise of some of China's other smartphone
01:00makers.
01:01Xiaomi saw its shipments increase by more than 33 percent in the first quarter, while
01:05Transion skyrocketed by almost 85 percent, the two companies coming in third and fourth
01:11respectively when it comes to market share.
01:13Rounding out the top five is Oppo, also based in China.
01:17Apple gained the title as the largest phone maker at the end of 2023, ending Samsung's
01:2212-year run at the top.
01:24But the rise of the other China-based companies, as well as the banning of devices from foreign
01:28companies for government workers, has caused Apple to take a hit.
01:33Apple shipped more than 234 million iPhones in 2023, helping it add to the company's more
01:38than $2.7 trillion market cap.
01:42That'll do it for your daily briefing from the New York Stock Exchange.
01:45I'm Caroline Woods with The Street.
01:52Thanks for watching.
01:53See you next time.