Samsung last quarter got only 10% of profits with an 18.2% market share.
From a note to clients by Canaccord's T. Michael Walkley that landed in my inbox Thursday:
Our North American survey work and meetings with industry contacts at MWC indicate a sluggish smartphone market is likely to persist during 1H/18 with iPhone maintaining strong share of the premium tier market...
While we believe initial demand for iPhone X was solid in the United States and China during the December quarter, we anticipate weaker trends in 1H/C18 for both these regions as the higher price limited some demand. For the mature North America market, we believe the price point above $1,000 has been a greater deterrent for broad market appeal than anticipated. In China, we believe the 5.8-inch iPhone X screen size is not large enough for a segment of this market. In fact, a variety of phones from Chinese OEMs with similar or larger screen sizes were already available prior to iPhone X...
Despite these challenges, we believe iPhone X sales will remain steady and we expect stronger unit sales in 2H/18 with new product launches. Following a solid December quarter of iPhone sales consistent with seasonal trends, we estimate Apple captured 87% of industry profits, up from 72% in the September quarter.
Maintains Buy rating and $200 price target.
Below: Walkley's spreadsheet. Click to enlarge.