As the company works to reach a $1 trillion valuation, Apple saw its worldwide smartphone market share dip in the first quarter due to increasing competition out of China.
According to Fortune Magazine, Apple owned 13.7 percent of the smartphone market in the first quarter, putting it in second place behind Samsung’s 20.7 percent share. Apple’s market share was also down from 14.8 percent in the first quarter of 2016, due to competition from Chinese vendors offering high-end devices at more affordable prices. Huawei, one of Apple’s chief Chinese competitors, grew its market share from 8.3 percent in 2016 to 9 percent last quarter.
But RBC Capital Markets analyst Amit Daryanani said in a note to investors that he believes Apple’s market cap could reach $1 trillion within the next 12 to 18 months, which would make it the first company to reach those heights.
There was other Apple news this week: The company revealed that the U.S. government actively requested its data last year, issuing between 5,750 and 5,999 national security orders to Apple during the second half of 2016. In addition, Apple and Nokia ended their protracted patent dispute this week when they signed a new patent license agreement, as well as a business deal.
The Indian government also announced that it would allow Apple to import components for its iPhone production tax free — days after Apple started producing some of its iPhone SE units in India. And Apple has begun charging $0.99 for three months of trial access to its Apple Music streaming service in Australia, Spain and Switzerland.