Apple Inc. has recorded lifetime iPhone sales of over $1.95T, according to data from Stocklytics.com. This milestone comes following stiff competition from competitors including Xiaomi and Huawei, which led to a drop in market share in the first quarter of this year.
In Q1 2024, Apple shipped 50.1M iPhones, five million fewer than the same period last year. This decline contributed to a nearly 10% drop in iPhone sales revenue, which fell to $45.9B.
Since its launch in 2007, the iPhone has been Apple’s flagship product. Five years after its introduction, iPhone sales had already grossed $78.7B.
By 2014, this figure had soared to $101.9B, continuing its upward trajectory despite several challenging years. The global pandemic in 2019 and 2020 saw consumer spending dip, yet iPhone sales nearly doubled, hitting record highs in 2022 and 2023 with revenues exceeding $405B over these two years.
In the first half of FY 2024, Apple generated $115.6B from iPhone sales, pushing its lifetime revenue from iPhones to $1.95T. The iPhone’s revenue contribution to the company’s overall earnings has also grown significantly, from around 25% in Q1 FY 2009 to over 50% in Q1 2024.
Despite a dip in Q1, Apple shipped 130.6M iPhones in the first six months of FY 2024, surpassing Samsung by 17M units.
Brand loyalty remains a strong suit for Apple. A Statista Consumer Insights survey of nearly 10,000 US smartphone users revealed that 50% of iPhone users are very unlikely to switch brands. This loyalty outstrips that of Samsung, which has a 44% loyalty rate, and Google, which stands at 25%.
