We believe demand in the US improved due to carrier and retailer promotions. Western Europe benefited from a better macro environment. NTT DoCoMo’s launch in Japan boosted demand in the region. However, China had tougher comparisons in C1Q14 due to the earlier iPhone launch compared to past years. China Mobile likely offset the difficult comparisons slightly, but we expect the majority of the benefit in late 2014 as subscribers wait for the next generation, larger-screen iPhones. Samsung Galaxy C1Q14 demand is tracking to 41M units, down 11% from the previous quarter. Despite the slowdown in Galaxy S4 and Note 3 shipments, which we estimate accounted for 18M units in the quarter, demand continues to be driven by the launch of several Galaxy S4 variants (Active, Google, Mini, Zoom, Mega) and lower-priced versions of Galaxy smartphones. We expect Samsung to ship about 91M (+4% Q/Q) total smartphones in C1Q14. Therefore, volume is likely to beat consensus in the current quarter but overall mix will be weaker due to lower-priced phones and mix shift towards China.