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Samsung Electronics Co Ltd (OTCPK:SSNLF) Q1 2024 Earnings Conference Call April 29, 2024 9:00 PM ET Company Participants Daniel Oh - EVP & Head, Investor Relations Jaejune Kim - EVP, Memory Tommy Kwon - VP, System LSI Taejoong Song - VP Charles Hur - EVP, Samsung Display Corp Daniel Araujo - VP, Mobile Experience KL Roh - VP, Visual Display Conference Call Participants Sung Kyu Kim - Daiwa Securities Sei Cheol Lee - Citigroup Nicolas Gaudois - UBS Gil-Hyun Baik - Yuanta Securities Dongwon Kim - KB Securities H. Kwon - JPMorgan Chase & Co. Operator Good morning and good evening, everyone, and welcome to the Samsung Electronics 2024 First Quarter Financial Results Conference Call.

Samsung has overtaken Apple as the world's leading mobile phone maker following a slump in iPhone sales in the past three months. Around 50.1m iPhones were shipped in the first three months of the year, against 55.4m units in the same period last year, according to market researcher IDC.

Apple ceded the position of the world's biggest phone maker to rival Samsung in the first quarter of 2024 after global iPhone shipments saw a steep slump, the latest setback for the tech giant since the start of the year.

Samsung has overtaken Apple as the world's top phonemaker during the first quarter of 2024 as the latter's shipments have dropped around 10%, a report says.

Apple's reign as the world's top smartphone maker was short-lived. The iPhone maker supplanted Samsung late last year as the number-one seller of the devices, though Samsung regained the crown during this year's first quarter, according to a report Sunday (April 14) by IDC.

South Korean firm regains pole position amid biggest drop in iPhone sales since Covid-19 lockdowns

Since the start of 2024, Apple (NASDAQ: AAPL) has been losing ground on multiple fronts. The very start of the year saw Microsoft (NASDAQ: MSFT) overtake it to become the world's largest company by market cap.

The Biden administration will award up to $6.4 billion in grants to South Korea's Samsung to expand its chip production in central Texas as part of a broader effort to expand U.S. chipmaking, the Department of Commerce said on Monday.

The Department of Commerce CHIPS Program Office announced a $6.4 billion grant to Samsung Electronics this morning, right behind Intel INTC and TSMC. There are several noteworthy aspects of this deal.

Apple's smartphone shipments dropped about 10% in the first quarter of 2024, hurt by intensifying competition by Android smartphone makers aiming for the top spot, data from research firm IDC showed on Sunday.