Apple led the global smartphone market revenues with 43 per cent share, its highest-ever in the third quarter (July-September period), a new report showed on Friday.

The company achieved this feat despite Apple’s latest iPhone 15 series being available for one less week in the third quarter compared with its predecessor in the same period last year.

This translated into Apple also clocking its highest-ever share of global smartphone revenue for a September-ending quarter, according to the report by Counterpoint Research.

Global smartphone market revenues remained flat (year-on-year) despite growing by 15 per cent (quarter-on-quarter) to just over $100 billion in Q3.

“Pro Max being the best-selling variant of the iPhone 15 series contributed to Apple also achieving its highest-ever Q3 operating profit. However, its global smartphone operating profit share remained flat due to a resurgence of Huawei and HONOR, and an increased focus on profitability by other Chinese OEMs such as Xiaomi and OPPO,” said senior analyst Harmeet Singh Walia.

Consequently, the global smartphone operating profit reached an all-time high, signaling more definitely how the smartphone market has adjusted to the post-pandemic trend of lower shipments, he added.

Apple posted revenue of $89.5 billion in its September quarter.

Samsung’s average selling price (ASP) grew 4 per cent YoY thanks to the successful launch of Fold 5, maintained momentum in S23 series’ sales, and a higher flagship share in major product lineups.

Nevertheless, an 8 per cent shipment decline in the same period, offset the ASP increase, causing Samsung’s revenue to decline by 4 per cent annually, the report mentioned.

Xiaomi is the only top five smartphone brand to see shipment increases both QoQ and YoY in Q3 as it strengthened its positions in key markets such as China and India.

The full impact of the iPhone 15 series is yet to be seen during the global holiday season expected to be boosted by upgrades from iPhone 11 and 12 users.

The festive season in India would boost shipments and revenues in the world’s second-largest smartphone market where pent-up demand and 5G upgrades will also contribute to growth, the report mentioned.