Apple, Lenovo top PC growth in Q1 as broader market rebounds (NASDAQ:AAPL)

Apple (NASDAQ:AAPL) and Lenovo (OTCPK:LNVGY) (OTCPK:LNVGF) saw the most growth in the PC market during the first quarter as the broader industry saw sales rise for the first time in two years, IDC said.

Apple, which has reportedly seen weakness in its iPhone business amid rising competition, saw a year-over-year increase of 14.6%, shipping 4.8M Macs during the quarter, the research firm said. It held 8.1% of the global PC market as of the end of the period — up from 7.1% in the year-ago period — coming in fourth behind Lenovo, HP (HPQ) and Dell (DELL).

At the end of the quarter, Apple introduced new MacBook Air models with 13-inch and 15-inch screen sizes with an M3 chip.

Lenovo, which continues to top the global PC market, shipped 13.7M units during the period, up 7.8% year-over-year. It held 23% of the market, up from 21.6% in the year-ago period, IDC said.

HP and Dell shipped 12M and 9.3M units during the period, respectively. In total, 59.8M units were shipped during the first-quarter, up 1.5% year-over-year, IDC said.

“Despite China’s struggles, the recovery is expected to continue in 2024 as newer AI PCs hit shelves later this year and as commercial buyers begin refreshing the PCs that were purchased during the pandemic,” said IDC research manager Jitesh Ubrani in a statement. “Along with growth in shipments, AI PCs are also expected to carry higher price tags, providing further opportunity for PC and component makers.”

Apple is slated to report its next quarterly results on May 2. A consensus of analysts expect the tech giant to earn $1.51 per share on $90.92B in sales.