Apple expands smartphone revenues and market share in third quarter as top rivals face difficulties and top Xiaomi execs step down
Smartphone makers saw revenue decline 3 percent year-on-year worldwide in the third quarter of 2022, while Apple bucked the trend to show 10 percent growth, according to new research.
The figures arrived as three top executives at third-biggest smartphone maker Xiaomi said they would quit amidst revenue struggles.
Counterpoint found that Apple had increased its revenues by 10 percent for the quarter, compared with the same period a year earlier, due to strong sales of the iPhone 14 series.
The firm expanded its lead over competitors, taking 42 percent market share, up from 37 percent a year earlier.
Samsung showed a slight revenue increase of 2 percent year-on-year and its market share remained flat, while Xiaomi remained in third place and increased revenues by 4 percent.
But Oppo and Vivo, the fourth and fifth biggest phone makers, both showed sharp revenue declines due to weak domestic demand in China.
Oppo’s revenues dropped by 27 percent year-on-year and Vivo’s declined by 27 percent, Counterpoint found.
Xiaomi president Wang Xiang is one of three top excutives stepping down from their current posts, according to a note sent to employees, the Financial Times reported.
Lu Weibing, who joined Xiaomi three years ago to lead the Redmi sub-brand, is to replace Wang as president, according to the note from company chair Lei Jun.
Co-founders Hong Feng and Wang Chuan are to step down from daily operations, leaving Lei the only co-founder remaining in an operational role.
“Xiaomi achieved a smooth handover of the baton iteration,” Lei said in the letter, adding that the company was “currently facing many difficulties” but would continue to improve operational efficiency.
Xiaomi has reported three consecutive quarters of falling revenues and profits.
The company is also laying off up to 10 percent of its workforce in multiple departments, including the flagship smartphone business.