T. Michael Walkey at Canaccord Genuity updated his projections for May iPhone sales noticed that the competition from the Samsung Galaxy S 4 and HTC One were heating up, with Samsung top maker of smartphones sold in May through carrier retail stores.
Walkley noted that in the long run Apple's iPhone has a strong product line and the forthcoming iPhone 5S in September that will accelerate earnings.
Canaccord Genuity believes the Samsung with Galaxy S 4, S III and Note II surpassed the iPhone 5 as the number one U.S. smartphone maker in market share for the first time in carrier retail stores.
The report stated that the GS 4 was the top-selling smartphone at Verizon, Sprint and T-Mobile stores in May and the second best seller at AT&T after the iPhone 5. Samsung spent $9.3 billion on advertising in the first three months of 2013.
Global iPhone 4 and iPhone 4S were strong. Walkley also noted that the HTC One had strong sales and reviews, while Samsung had stronger more expensive marketing.
It should also be noted that this research did not count Apple Stores, where a majority of iPhone sales occurs. Therefore data in the report is not an accurate report of U.S. smartphone sales.