Apple Accounted for 104% of Total Profit Generated by the Smartphone Market in Q3, 2016

iPhone 7 Plus and Pixel XL

iPhone shipments might be declining and iOS might be losing market share to Android, but Apple continues to dominate the smartphone market where it matters the most: profit. As per BMO Capital Markets analyst Tim Long, Apple managed to grab 104 percent of the total profit generated by the smartphone market in the third quarter of 2016. An impressive feat considering iPhone shipments only accounted for 12 percent of the total smartphones shipped in Q3, 2016.

The Cupertino company managed to achieve this feat because of other smartphone players like LG, HTC, and Lenovo losing money. Samsung might be the world’s largest smartphone maker, but the company came in a distant second and accounted for only 0.9 percent of the total profit generated by the smartphone market.

Apple was No. 1 by a mile in smartphone operating profit in Q3. Among major vendors, Samsung was No. 2 in smartphone profits with a tiny 0.9% share, he said. Money-losers in the smartphone business last quarter included LG and HTC, Long said.

Samsung is among the very few smartphone OEMs in the market that still makes decent profits and is not scrapping by. However, the third quarter of this year was an exception for the company due to the unprecedented move of recalling the 3 million Galaxy Note 7 units it had sold thanks to faulty batteries. The Korean company also lost market share to Chinese OEMs like Huawei, Oppo, and Vivo that posted decent growth numbers due to the Note 7 fiasco.

[Via Investors]