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This trend is likely to continue for Apple as the firm believes that the Cupertino-based tech giant is likely to maintain its winning streak in the second quarter of the year as well.

The company reported iPhone unit sales grew just 2.9 percent in the fiscal second quarter.

Apple announced its quarterly earnings this week and contrary to analyst predictions, its most-expensive iPhone X came out to be its best-selling smartphone in the first quarter of 2018. Apple has now shifted nearly 50 million iPhone X units worldwide since commercial launch in November 2017. But that is not the only star performer in its arsenal.

The iPhone X was closely followed by the iPhone 8 and iPhone 8 Plus which shipped 12.5 million and 8.3 million handsets, respectively. The research has corroborated Cook's claim that iPhone X was the most popular iPhone model in March as well as the December quarter.

No company benefited more from that cut than Apple, which had accumulated more than $250 billion outside the USA during the past decade, thanks to the vast popularity of the iPhone and other products.

iPhone X. Image source: Apple.

The share repurchases in the March quarter drove Apple's cash net of debt down slightly to US$145 billion. According to Strategy Analytics, the global smartphone shipments reached 345 million units during the first quarter. While this might not look very encouraging for Samsung, keep in mind that the phone didn't launch until the very end of the quarter. The S9 Plus offers an attractive package for Android enthusiasts with a bezel-less design, curved display and a rich portfolio of apps. "I think the smartphone is sort of the best market for a consumer product company in the history of the world", Apple CEO Tim Cook said on Tuesday. The company dominates the budget smartphone market with a wide range of high-specced value-for-money phones under its Redmi-series.

You've got to go down to number 5 on the list of best-selling smartphones in Q1 to find a non-Apple device. The previous-generation iPhone 7 shipped 5.6 million units to take fourth place.

"Xiaomi has become wildly popular across India and China", said Linda Sui, Director at Strategy Analytics. Xiaomi has captured the Indian and Chinese market through its high-volume sales channels and key retail partners.