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Canaccord Genuity Technology Analyst Michael Walkley’s December channel checks indicated stronger sell-through trends vs. November levels in the U.S. market, with sales bolstered by holiday promotions. During December, his checks indicated the three iPhone models and Samsung smartphones continued to hold leading sell-through market share. Top selling smartphones included the iPhone 4S and iPhone 4 at AT&T (T), Verizon (VZ) and Sprint (S); the Samsung Galaxy S II at AT&T, Sprint and T-Mobile; the Samsung Droid Nexus and Motorola's (MMI) Droid RAZR 4G LTE smartphones at Verizon, and the HTC Amaze and HTC Radar 4G at T-Mobile.
Walkley’s global checks indicated solid smartphone sell-through trends despite struggles by certain OEMs. In fact, his checks indicated Apple, Samsung and affordable Android smartphones from Chinese OEMs gained share versus HTC’s Android smartphones, BlackBerry smartphones and Symbian smartphones. iPhone sales remained strong in the U.S., and Walkley forecasts total iPhone sales of over 12 million units in the U.S. market for the December quarter. Further, his checks indicated strong global share gains with iPhone 4S launching in new markets including Brazil and Russia during December and set to launch in China and other markets in January.
The iPad 2 remains the top-selling global tablet with Amazon’s (AMZN) Kindle Fire the closest competitor due to its materially lower price.
Checks indicated weaker sales trends for both RIM and HTC, with these OEMs facing increased competition from broader iPhone distribution and new Android smartphone launches. Further, Walkley believes weak trends are company-specific for both OEMs rather than indications of a weaker smartphone macro. HTC has lost significant share in the U.S. market the past several months following the iPhone 4S and Samsung Galaxy S II launches. BlackBerry sales remained soft due to high-end share losses combined with lower-priced Nokia (NOK) feature phones and sub-$200 Android smartphones adversely impacting sales in emerging markets.
Apple (AAPL : NASDAQ : US$422.40), Net Change: 4.37, % Change: 1.05%, Volume: 11,280,494
Research In Motion (RIMM : NASDAQ : US$15.34), Net Change: 0.29, % Change: 1.93%, Volume: 13,618,808
Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.
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