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Apple Aims to Keep iPhone Shipments Steady Despite 2023 Turmoil

24Jul

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Technology

Apple Aims to Keep iPhone Shipments Steady Despite 2023 Turmoil

[ad_1] Apple Inc. is asking suppliers to produce about 85 million units of the iPhone 15 this year, roughly in line with the year before, according to people familiar with the matter.The Cupertino, California-based company is aiming to hold shipments steady despite tumult in the global economy and a projected decline in the overall smartphone market. It's likely to increase revenue overall because Apple is considering raising the price for Pro models, said the people, asking not to be named because the targets aren't public. The fortunes of Apple, the world's most valuable company, reverberate through the global economy, driving business for thousands of suppliers and fueling employment for millions from the US and China to Vietnam and India. Its shares have surged almost 50% this year,...

Qualcomm Slides After Forecast Signals Phone Slump Will Drag On

[ad_1] Qualcomm Inc., the largest maker of smartphone processors, tumbled in late trading after a disappointing forecast signaled that demand for mobile devices remains sluggish — especially in China.Revenue will be $8.1 billion to $8.9 billion in the fiscal third quarter, Qualcomm said Wednesday in a statement, falling well short of the $9.25 billion average analyst estimate. That sent the shares down as much as 7.5% to $104.35. The outlook shows the challenge Qualcomm faces in navigating an industrywide downturn. Weak demand for phones has led to a buildup in handset chips — the company's main source of revenue. Chief Executive Officer Cristiano Amon has promised investors that once phone makers have worked through their inventory, the orders will bounce back. But that's taking longer...

Qualcomm Gives Downbeat Forecast as Phone Market Deteriorates; China Lockdowns To Blame

[ad_1] Qualcomm, the biggest maker of smartphone processors, tumbled after giving a far weaker forecast than expected. Qualcomm Inc., the biggest maker of smartphone processors, tumbled in late trading after giving a far weaker forecast than expected, punished by the economic slowdown and Covid-19 lockdowns in China. Revenue will be $9.2 billion to $10 billion in the fiscal first quarter, Qualcomm said Wednesday. That compares with an average analyst estimate of $12 billion. Excluding certain items, earnings will $2.45 a share at best, Qualcomm said. The average projection was $3.40. The outlook suggests that the slumping market for consumer devices is eroding even faster than expected, sending Qualcomm shares plunging as much as 8.4%. Even before the report, the stock was down 3...