According to analyst Katy Huberty, Apple’s share of China’s smartphone installed base grew more in March than any other brand.
From a note to clients that landed in my inbox Friday.
According to data from Jiguang, a firm that aggregates smartphone data from its push-messaging services in China, Apple’s share of the Chinese smartphone installed base grew ~300bps Y/Y in March, greater than any other smartphone brand in China, and the largest Y/Y increase for the iPhone in the last 15 months (1).
This marks the third consecutive month of Y/Y share gains in China, a noticeable reversal from December quarter performance, where Apple lost share for three consecutive months. Similarly, Apple was the only top 3 smartphone vendor in China to gain installed base share M/M in March, a reversal from March 2018, when Apple lost share while most other smartphone brands in China gained share (2).
As of March quarter-end, Apple had 20.9% smartphone installed base share in China, closing the gap for #1 market share vs. Huawei by 190bps M/M.
Maintains Overweight rating and $220 price target.
Click to enlarge.
My take: Huberty, who does good work, has been on a roll, first that big Heathcare survey, then a strong showing on Squawk Alley, now this.
CORRECTION: An earlier version of this story mistook basis points for percentage points. Rookie mistake.