Apple CEO Tim Cook said that the smartphone market is "fiercely competitive," with companies like Samsung Electronics Co. (XKRX:005935), Alphabet Inc. (NASDAQ:GOOGL)(NASDAQ:GOOG), Huawei Technologies Co. Ltd. and LG Electronics Inc. (XKRX:066575) also building strong smartphone businesses, Cook underscored that the Cupertino, California-based tech giant "does not have a dominant market share" in any market that Apple does business.