Top Stories: Apple's iPhone Gains Ground in Samsung's Home Turf

• Apple's iPhone Gains Ground in Samsung's Home Turf
• Apple Bets Big on China With New Shanghai Store Despite iPhone Sales Dip
• China Flexes with $27 Billion Chip Fund to Challenge US Dominance
• Reddit Targets up to $748 Million in Initial Public Offering
• Flipkart Expands into Quick Commerce Sector, Bolsters Infrastructure for Growth
• Horizon Chooses Banks for $500 Million Hong Kong IPO

iPhone Gains Ground in Samsung's Home Turf

Since 1938, the South Korean smartphone brand Samsung has dominated its home market – the South Korean smartphone market. However, recent trends suggest a surprising shift in consumer preference with Apple's iPhone experiencing a 41.9% surge in sales of the iPhone 15 series.

According to 2023 global market share data, Apple surpassed Samsung for the first time in 12 years, with iPhone sales reaching 234.6 million units compared to Samsung's 226.6 million. This translates to a 20.1% market share for Apple against Samsung's 19.4%.

This shift in consumer behaviour signifies a changing landscape in the smartphone market in regions with strong national brands like Samsung. Whether this is a temporary trend or the beginning of a long-term shift remains to be seen. – David Adubiina

CHART: Apple Overtakes Samsung in Smartphone Shipments for the First Time Since 2010

Plus: A Techloy chart showing the history of the top 5 brands with the most smartphone shipments between 2009 and 2023.

TechloyEmmanuel Oyedeji

Reddit Targets up to $748 Million in Initial Public Offering

Popular social network Reddit is seeking to raise $748 million in an initial public offering, which would make it one of the biggest among other companies this year. The platform, in a joint decision with its shareholders, plans to make a sale of 22 million shares in the range of $31 to $34 each.

Reddit, which is currently eyeing a $6.4 billion valuation as reported earlier this month with an estimated 62.24 million daily active users in 2024, also plans to set aside 1.7 million shares for users and moderators who created accounts before January 1, 2024.

According to the social media platform’s filing with the US Securities and Exchange Commission in February, these shares won’t have a lockup period, which allows the owners to sell them on the opening trading day. – Henry Chikwem

Flipkart Expands into Quick Commerce Sector, Bolsters Infrastructure for Growth

India’s e-commerce giant, Flipkart, is set to venture into the quick commerce sector to enable quick commerce operations. A move that would see it establish competition with Zepto and Blinkit.

The company plans to establish a network of stores across different cities and will also set up a 10-15-minute delivery service in about 12 cities within the next six to eight weeks. This major leap by Flipkart confirms India’s claims that quick commerce will soon rival traditional e-commerce in the country.

Currently, the potential market for quick commerce in India is valued at approximately $45 billion, which will be worth even more in the future as more companies venture into it with the increase in investors’ confidence. – Henry Chikwem

Flipkart India reported a 9% revenue growth in FY23

In the fiscal year 2023, Flipkart India, the business-to-business arm of Walmart-owned e-commerce major Flipkart, reported a 9% growth in operating revenue, reaching ₹55,823 crore ($6.70 billion), compared to ₹50,992 crore ($6.11 billion) in the previous year. However, the company’s net loss expanded by 42%, amounting

TechloyEmmanuel Oyedeji

Apple Bets Big on China With New Shanghai Store Despite iPhone Sales Dip

Apple Inc. is set to open its eighth store in Shanghai this month, solidifying its position in China despite a recent slump in iPhone sales. This expansion underlines its long-term commitment to the Chinese market with over 1.4 billion users.

While iPhone sales have dropped by 24% since the September launch of the latest iPhone 15 model, China remains crucial for Apple. The new Shanghai store adds to the existing 46 locations across the country, showcasing Apple's confidence in the long-term potential for growth. 

This move comes amidst a broader trend of Apple revitalizing its retail presence globally with the plan to open dozens of new or refurbished stores over the next few years. Apple plans to focus on physical stores, alongside its robust online presence to reflect its belief in the enduring value of a premium in-person customer experience. – David Adubiina

China Flexes with $27 Billion Chip Fund to Challenge US Dominance

China moves to challenge US dominance in the global semiconductor industry by raising a staggering $27 billion for its largest chip fund, to accelerate domestic production of cutting-edge chip technologies. This significant investment comes amidst rising tensions with the US, which implemented restrictions on China's access to certain chip technologies.

The impact of this could be far-reaching as a robust domestic chip industry is crucial for China's economic ambitions, particularly in sectors like artificial intelligence and advanced manufacturing. Currently, China's 1.4 billion economy relies heavily on US-made chips, leaving it vulnerable to supply chain disruptions and political influence. 

The success of this initiative could reshape the global $527.88 billion chip market by fostering domestic chip development while China reduces its dependence and achieves greater self-sufficiency.  – David Adubiina

CHART: Apple’s Retail Presence in Emerging Markets

Apple, one of the world’s leading tech companies, has been steadily expanding its retail presence globally, with a particular focus on emerging markets. This was underscored by the recent opening of two physical stores in India. Prior to this, Apple expanded into South Korea, Singapore, Taiwan, Thailand, and Austria. While

TechloyEmmanuel Oyedeji

Horizon Chooses Banks for $500 Million Hong Kong IPO

Horizon Robotics, in a bid to raise about $500 million this year for its initial public offering, has chosen banks to help oversee the process. Currently, detailed information regarding this issue, such as the size and timeline of the IPO, remains private as they could still change.

Horizon Robotics, which happens to be one of China’s biggest providers of autonomous driving computing solutions, valued at $5 billion as of June 2021, has partnered with China Securities International, Goldman Sachs Group Inc., and Morgan Stanley on a first-time share sale.

There is also a chance that the company may file its preliminary prospectus with more concrete information in the coming weeks. – Henry Chikwem

– Editing by Emmanuel Oyedeji and Loy Okezie

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