Quick Overview Apple achieved an unprecedented 20% global smartphone market share during Q2 2026, while total industry shipments plummeted 11% YoY to levels not seen since 2013. Unlike compet
Apple secured an unprecedented 20% share of the global smartphone market during Q2 2026, data from Counterpoint Research reveals — achieving this milestone while competitors faced significant headwinds.
Worldwide smartphone shipments contracted 11% year over year throughout Q2, marking the weakest second quarter performance since 2013. The primary driver: an intensifying shortage of DRAM and NAND memory components that elevated manufacturing expenses and retail pricing. Meanwhile, Apple’s shipments expanded 3% YoY during this identical timeframe.
AAPL traded at $313.95 during Tuesday’s premarket session, retreating approximately 1%, yet remaining in proximity to its 52-week zenith of $323.45.
The iPhone 17 series powered Apple’s superior performance, maintaining its position as the world’s most-shipped smartphone lineup throughout the quarter. Apple distinguished itself further by maintaining stable pricing — every other leading manufacturer increased device prices responding to the memory supply constraints.
China represented the singular weak point. Apple’s shipments within that territory declined on a year-over-year basis, despite promotional campaigns coordinated with the 618 shopping festival. Legacy iPhone models experienced diminished demand as component allocations pivoted toward newer products.
Samsung regained the leading position in worldwide shipments with 24% market share, propelled by Galaxy S26 sales and intensive promotional activities. Xiaomi, OPPO, and vivo each experienced double-digit shipment contractions, their concentration in budget-friendly devices rendering them particularly susceptible to escalating memory expenses.
Morgan Stanley analyst Erik Woodring elevated his AAPL price objective to $360, maintaining a Buy recommendation. His investment thesis emphasizes Apple’s pricing authority — he contends that consumer demand for iPhone, Mac, and iPad products demonstrates relative inelasticity, enabling Apple to implement price increases without substantially impacting unit volume.
Woodring anticipates substantial price adjustments on forthcoming iPhone models, which he projects could contribute notable upside to near-term and FY2027 earnings per share figures.
Monness, Crespi, Hardt similarly sustained a Buy recommendation with a $335 price objective. The investment firm anticipates Apple will meet or exceed Q3 FY2026 projections when results are announced on July 30.
Monness forecasts Q3 FY2026 revenue totaling $109.42 billion, exceeding Street consensus of $108.58 billion. The firm anticipates EPS of $1.95, above Wall Street’s estimate of $1.89.
The firm’s outlook includes revenue expansion exceeding 16% year over year for the quarter — marginally below Q2’s nearly 17% but substantially ahead of the 10% growth recorded in Q3 FY2025.
The July 30 earnings announcement holds particular importance: it represents Tim Cook’s final earnings call as CEO before John Ternus assumes leadership on September 1.
Not all analysts share optimistic views. KeyBanc downgraded AAPL to Underweight from Sector Weight, citing decelerating iPhone production and lackluster U.S. upgrade momentum.
Counterpoint Senior Analyst Shilpi Jain identified the memory crisis as the predominant constraint on the smartphone sector, with challenging market conditions anticipated to persist throughout 2026 and potentially extending into 2027.
Apple additionally disclosed a multiyear partnership with Broadcom exceeding $30 billion to engineer and manufacture specialized silicon and wireless connectivity components, with over 15 billion domestically-produced chips scheduled as part of the arrangement.
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