Apple Inc AAPL CEO Tim Cook said in an interview at the annual Code Conference this week that the iPhone maker faces fierce competitors.
What Happened: Cook was asked about competition in the interview and whether Apple was a monopoly.
“The facts don’t bear you out,” he said. “We have fierce competitors. We are not the market leader in terms of share, Samsung is,” reported The Verge.
Other competitors mentioned by Cook included Alphabet Inc GOOGL GOOG search unit Google and Chinese electronics giant Huawei.
See Also: How To Buy Apple (AAPL) Shares
Why It Matters: Apple and Samsung together account for more than 70% of the U.S. market share in the most recent quarter, according to data from Statista. Apple’s iPhone 13 was the most popular smartphone sold in the U.S. as of April 2022 and accounted for 17% of total smartphone sales, according to Statista.
Recently, it was reported that U.S. lawmakers are moving ahead with legislation that will target the way Apple runs its App Store.
Sen. Amy Klobuchar (D-Minn.) said there was a “growing momentum” to pass legislation dubbed the “Open App Markets Act” to address monopolies held by Apple And Google.
Previously, Cook has spoken about privacy risks emanating from anti-trust legislation related to its App Store.
The Cupertino, California-based tech giant’s next antitrust battle could take place over its dominance in payments, according to Mark Gurman.
Read Next: Apple Analyst Sees iPhone 14 Boost From Pent Up Demand, Says This Was Biggest Surprise For Wall Street
Image and article originally from www.benzinga.com. Read the original article here.