China overtook the U.S. in the number of Internet users a few years ago. It was just a matter of time before the world's most populous nation because the largest consumer of smartphones.
Needham & Company analyst Charlie Wolf's latest report on the mobile industry shows that smartphone shipments in China soared 164% to 33.1 million in the second quarter. There were only 25 million handsets shipped in the U.S. during the same three months.
Why do you think Baidu
Unfortunately for Baidu, this remains largely a two-horse race. Google's
However, we can't discount Apple
See, iPhones aren't currently compatible with the country's largest carrier, but that should change with the iPhone 5 update. China Mobile
Pay attention, investors.
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The Motley Fool owns shares of China Mobile, Baidu, Apple, and Google. Motley Fool newsletter services have recommended buying shares of Baidu, Apple, and Google and creating a bull call spread position in Apple. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
Longtime Fool contributor Rick Munarriz calls them as he sees them. He owns no shares in any of the stocks in this story and is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Motley Fool has a disclosure policy.