Apple's (AAPL) fiscal first-quarter earnings produced remarkable results. The computer giant not only exceeded its own revenue estimates by almost 25%, but also those of most analysts as well.

Another interesting fact that came out of the excellent results was that Apple has  overtaken Samsung in the smartphone market.

Apple sold 37 million iPhones last quarter, compared to 36.5 million smartphones sold by Samsung. With these results, Apple's global smartphone market share has increased to 23.9%, while Samsung's has risen to 23.5%. This finding also highlights the intense competition between the two tech giants as they wrestle for the top spot.

A few months back Samsung overtook Apple in the smartphone market for the first time ever. This was not surprising as many users delayed their iPhone purchases to await the arrival of the iPhone 4S (see Samsung Overtakes Apple, Can iPhone 4S Reverse This Trend?). The new iPhone has been a huge success and has helped Apple surpass Samsung in the smartphone market.

Apple is making rapid strides in all aspects of the smartphone market. According to a recent report, Apple's iOS has overtaken Research in Motion's (RIMM) BlackBerry in terms of popularity among corporates while Google's (GOOG) Android, which is in third place, is deemed the riskiest mobile platform in terms of security issues (see Apple Passes RIM in Corporate Market as iPhone Love Spreads to Work).

 

The battle between Apple and Samsung is not just limited to the smartphone market. The two are also embroiled in patent litigation in many countries after Apple accused Samsung last year of copying the iPhone and iPad designs. Samsung countersued, alleging Apple violated various patents related to its telecommunications standards.

Our $550 price estimate for Apple stock is about 25% above market price. See our complete analysis of Apple here.