Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, April 15.
Full Video Transcript Below:
CAROLINE WOODS: I’m Caroline Woods reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are looking to rebound after a tough week on Wall Street as investors react to strong earnings from banking giant Goldman Sachs. The bank saw its profit soar 28 percent thanks to a rise in investment banking revenues. Later this week, investors are looking ahead to earnings from names like United Airlines, American Express, and Netflix.
In other news, Apple saw shipments of its iPhone plummet by nearly 10 percent in the first quarter of 2024. According to the International Data Commission, the company shipped 50.1 million phones in its first quarter, a 5.3 million decline from 2023. Because of Apple’s drop, Samsung has retaken the title of the world’s largest phone seller with a nearly 21 percent market share.
Apple’s market share has dropped by 3.4 percent since the first quarter of 2023.What’s even more troubling for Apple is the steady rise of some of China’s other smartphone makers. Xiaomi saw its shipments increase by more than 33 percent in the first quarter, while Transsion’s skyrocketed by almost 85 percent. The two companies come in at 3rd and 4th, respectively, when it comes to market share. Rounding out the top 5 is Oppo, also based in China.
Apple gained the title as the largest phone-maker at the end of 2023, ending Samsung’s 12-year run at the top. But the rise of the other China-based companies, as well as the banning of devices from foreign companies for government workers, has caused Apple to take a hit.Apple shipped more than 234 million iPhones in 2023, helping it add to the company’s more than $2.7 trillion market cap.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
