Data released by IDC, a market intelligence firm, show that Apple shipped 50.1 million iPhones in the first quarter of 2024 compared to 55.4 million units in the same period last year. Samsung also saw a decline in shipments but still managed to reach 60.1 million units.

“As expected, smartphone recovery continues to move forward with market optimism slowly building among the top brands,” said Ryan Reith, group vice president with IDC’s Worldwide Mobility and Consumer Device Trackers. “While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter.”

IDC expects that Apple and Samsung will continue to have supremacy in the smartphone market but note that brands like Huawei and Xiaomi will push them to get creative if they want to hold their positions.

Due to lower sales and challenges in certain markets like China, Apple stock has been all over the place since the start of 2024. The company’s shares opened at $175.43 per share on Monday before closing at $172.69. The stock dipped to $165.87 at one point in aftermarket trading before bouncing back up.

The post iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller appeared first on theprimarymarket.com.

Wall Street experts have identified several factors that have caused Apple’s stock to crumble. At the forefront is economic pressure out of China, where fears of a flailing property sector and a stagnant Chinese government that has been slow to provide economic stimulus are further fueling a gloomy economic outlook.

China is a key market for Apple, with its sales in the country rising by 8% over the most recent quarter to $15.76 billion. Sales of Apple iPhones in China rose by double digits as consumers moved to upgrade their smartphones. While Greater China provided Apple with $67.2 billion in sales in the fiscal year that ended Sept. 24, 2023, CEO Tim Cook warned that momentum might be lost due to the current Chinese economic climate.

“We continued to face an uneven macroeconomic environment,” Cook warned during an earnings call with investors.

The post Apple Stock in Correction Following August Slump appeared first on theprimarymarket.com.

Japan’s Nikkei newspaper reported that Apple, Samsung, Nvidia, and Intel are all planning to invest in Arm once it is listed on the stock market. It was previously reported that Arm was targeting Nvidia as an anchor investor, with the companies engaged in talks in July.

SoftBank has been looking to take Arm public since last year when its deal to sell the chip designer to Nvidia broke down amid objections from antitrust regulators. According to sources familiar with the matter, SoftBank could raise between $8 billion and $10 billion from the U.S. listing.

Arm is set to officially apply to the U.S. Securities and Exchange Commission later this month for its IPO listing.

The post Apple and Samsung to Invest in Arm at IPO appeared first on theprimarymarket.com.

The tech giant’s revenue for the three months ending June declined by 1.5% amid a third quarterly decline in iPhone sales. iPhones account for about half of Apple’s total revenue.

Revenue for the quarter came to $81.80 billion, narrowly edging out Wall Street estimates of $81.55 billion. Adjusted earnings per share were $1.26, ahead of analysts’ forecasts of $1.20.

In addition to iPhone sales, those for Mac computers were also on the decline. Company CFO Luca Maestri revealed that Apple expects sales for both devices to continue to decline by double digits from last year.

The post Apple Revenue Falls Amid Slump in iPhone Sales appeared first on theprimarymarket.com.

Apple’s AI aspirations were first reported by Bloomberg on Wednesday. According to the influential media outlet, the iPhone maker is currently developing an artificial intelligence tool that would rival the already-established projects like ChatGPT from OpenAI Inc. and Bard from Google.

The company already has a “framework to create large language models” called Ajax and has made a working chatbot service referred to as Apple GPT. The service is already being used by the company’s engineers and a number of other employees for product prototyping.

It appears that Apple is taking a slower approach with Apple GPT, focusing on privacy concerns that are related to the technology. Reportedly, the tool is similar to ChatGPT and Bard in its nature, having the ability to “summarize text and answer questions based on data.”

 Bloomberg concludes that Apple still didn’t finalize its strategy for the rollout of the new AI project, but it is expected to make a “significant AI-related announcement” at some point in 2024. 

The post Apple Stock Sees a Brief Jump Following News of AI Project appeared first on theprimarymarket.com.

Due to its consistent gains throughout the year, Apple has been viewed by many investors as a safe haven during times of economic turbulence, especially given the inflation and banking crises that have run rampant this year.

Given its current price, Apple is poised to add $16.5 billion in market cap, pushing it closer to an unprecedented $3 trillion valuation. The largest U.S. public company, Apple comprises 7.5% of the value of the S&P 500 Index.

“Even with how much it has risen, it still feels like a quality company, with a lot of cash, continued innovation, a fortress balance sheet, and a large customer base upgrading their products,” Devon Drew, chief executive officer of DFD Partners said of Apple. “It should continue to grow, but it can also weather any storm. That means it works in both risk-on and risk-off environments, and that makes me very excited to own it.”

The post Apple on Track to Close at Record High appeared first on theprimarymarket.com.

The highest-valued company on the New York Stock Exchange, Apple has added $690 billion in market cap since it embarked on its mission to boost its valuation. According to data from Yahoo Finance, the company has a current valuation of $2.74 trillion; just 9% away from the $3 trillion mark.

JP Morgan analyst Samik Chatterjee claimed that Apple has proven to be a safe investment option while also boasting growth opportunities. The company is expected to introduce the iOS 17 operating system shortly.

“Apple is different than the other businesses we own. It just happens to be a better business,” Berkshire Hathaway CEO Warren Buffett said at the company’s annual meeting in early May. Berkshire Hathaway purchased more Apple stocks this month, raising its holdings in the company to $151 billion.

The post Apple Closes in on $3 Trillion Stock Valuation appeared first on theprimarymarket.com.

Despite a fall in overall sales, Apple’s iPhone sales surged by $51.33 billion, thereby beating estimates of $48.84 billion and driving the company’s profit for the quarter.

Apple’s reported a $24.16 billion net profit for the first quarter. This put the company’s gross profit margin at 44.3%, thereby narrowly beating Wall Street estimates of 44.1%. Earnings per share were $1.52, beating an estimate of $1.43 per share.

While the company was able to exceed expectations, finance chief Luca Maestri is expecting Apple’s overall revenue in the second quarter to decline by 3%.

“We expect our June quarter year-over-year revenue performance to be similar to the March quarter assuming that the macroeconomic outlook does not worsen from what we are projecting today for the current quarter,” Maestri revealed on a call with analysts.

The post Apple Earnings Beat Estimates; iPhone Sales Surge appeared first on theprimarymarket.com.

Created in partnership with Goldman Sachs, the savings account service will be available to all Apple Card holders. The users will be able to either transfer money or deposit Daily Cash to the account while getting an annual percentage yield (APY) of 4.15%.

Apple savings account, which is managed from the Wallet app, has no fees, no minimum balance requirements, and allows money withdrawals at any point. However, there are some limitations since users can’t hold more than $250,000 in their accounts. Also, there is a maximum deposit of $10,000 in one transaction.

“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

Apple’s savings account could prove popular with users considering its flexibility and generous annual percentage yield. According to data from Federal Deposit Insurance Corporation, the current national APY average is 0.35%.

The post Apple Will Start Offering High-Yield Savings Accounts to Apple Card Holders appeared first on theprimarymarket.com.

Now, Apple manufactures around 7% of its iPhones in India, which is the world’s fastest-growing smartphone manufacturing hub. the U.S.-based tech company is expanding its operations in India by adding more partnerships with companies operating in the region such as Foxconn Technology Group and Pegatron Corp.

In total, Apple exported $5 billion worth of iPhones in the year ended March 2023—four times the previous annual period. The company is also planning to start manufacturing its next iPhone in India at the same time as it begins production in China, likely in the fall of 2023.

Should this plan reach fruition, it will be the first time that Apple begins assembling a new line of iPhones concurrently in two countries. If the company persists with its expansion efforts, a quarter of all of its iPhones could be assembled in India by 2025.

The post Apple Triples India iPhone Production, Shifting Output From China appeared first on theprimarymarket.com.

Data released by IDC, a market intelligence firm, show that Apple shipped 50.1 million iPhones in the first quarter of 2024 compared to 55.4 million units in the same period last year. Samsung also saw a decline in shipments but still managed to reach 60.1 million units.

“As expected, smartphone recovery continues to move forward with market optimism slowly building among the top brands,” said Ryan Reith, group vice president with IDC’s Worldwide Mobility and Consumer Device Trackers. “While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter.”

IDC expects that Apple and Samsung will continue to have supremacy in the smartphone market but note that brands like Huawei and Xiaomi will push them to get creative if they want to hold their positions.

Due to lower sales and challenges in certain markets like China, Apple stock has been all over the place since the start of 2024. The company’s shares opened at $175.43 per share on Monday before closing at $172.69. The stock dipped to $165.87 at one point in aftermarket trading before bouncing back up.

The post iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller appeared first on theprimarymarket.com.

Wall Street experts have identified several factors that have caused Apple’s stock to crumble. At the forefront is economic pressure out of China, where fears of a flailing property sector and a stagnant Chinese government that has been slow to provide economic stimulus are further fueling a gloomy economic outlook.

China is a key market for Apple, with its sales in the country rising by 8% over the most recent quarter to $15.76 billion. Sales of Apple iPhones in China rose by double digits as consumers moved to upgrade their smartphones. While Greater China provided Apple with $67.2 billion in sales in the fiscal year that ended Sept. 24, 2023, CEO Tim Cook warned that momentum might be lost due to the current Chinese economic climate.

“We continued to face an uneven macroeconomic environment,” Cook warned during an earnings call with investors.

The post Apple Stock in Correction Following August Slump appeared first on theprimarymarket.com.

Japan’s Nikkei newspaper reported that Apple, Samsung, Nvidia, and Intel are all planning to invest in Arm once it is listed on the stock market. It was previously reported that Arm was targeting Nvidia as an anchor investor, with the companies engaged in talks in July.

SoftBank has been looking to take Arm public since last year when its deal to sell the chip designer to Nvidia broke down amid objections from antitrust regulators. According to sources familiar with the matter, SoftBank could raise between $8 billion and $10 billion from the U.S. listing.

Arm is set to officially apply to the U.S. Securities and Exchange Commission later this month for its IPO listing.

The post Apple and Samsung to Invest in Arm at IPO appeared first on theprimarymarket.com.

The tech giant’s revenue for the three months ending June declined by 1.5% amid a third quarterly decline in iPhone sales. iPhones account for about half of Apple’s total revenue.

Revenue for the quarter came to $81.80 billion, narrowly edging out Wall Street estimates of $81.55 billion. Adjusted earnings per share were $1.26, ahead of analysts’ forecasts of $1.20.

In addition to iPhone sales, those for Mac computers were also on the decline. Company CFO Luca Maestri revealed that Apple expects sales for both devices to continue to decline by double digits from last year.

The post Apple Revenue Falls Amid Slump in iPhone Sales appeared first on theprimarymarket.com.

Apple’s AI aspirations were first reported by Bloomberg on Wednesday. According to the influential media outlet, the iPhone maker is currently developing an artificial intelligence tool that would rival the already-established projects like ChatGPT from OpenAI Inc. and Bard from Google.

The company already has a “framework to create large language models” called Ajax and has made a working chatbot service referred to as Apple GPT. The service is already being used by the company’s engineers and a number of other employees for product prototyping.

It appears that Apple is taking a slower approach with Apple GPT, focusing on privacy concerns that are related to the technology. Reportedly, the tool is similar to ChatGPT and Bard in its nature, having the ability to “summarize text and answer questions based on data.”

 Bloomberg concludes that Apple still didn’t finalize its strategy for the rollout of the new AI project, but it is expected to make a “significant AI-related announcement” at some point in 2024. 

The post Apple Stock Sees a Brief Jump Following News of AI Project appeared first on theprimarymarket.com.

Due to its consistent gains throughout the year, Apple has been viewed by many investors as a safe haven during times of economic turbulence, especially given the inflation and banking crises that have run rampant this year.

Given its current price, Apple is poised to add $16.5 billion in market cap, pushing it closer to an unprecedented $3 trillion valuation. The largest U.S. public company, Apple comprises 7.5% of the value of the S&P 500 Index.

“Even with how much it has risen, it still feels like a quality company, with a lot of cash, continued innovation, a fortress balance sheet, and a large customer base upgrading their products,” Devon Drew, chief executive officer of DFD Partners said of Apple. “It should continue to grow, but it can also weather any storm. That means it works in both risk-on and risk-off environments, and that makes me very excited to own it.”

The post Apple on Track to Close at Record High appeared first on theprimarymarket.com.

The highest-valued company on the New York Stock Exchange, Apple has added $690 billion in market cap since it embarked on its mission to boost its valuation. According to data from Yahoo Finance, the company has a current valuation of $2.74 trillion; just 9% away from the $3 trillion mark.

JP Morgan analyst Samik Chatterjee claimed that Apple has proven to be a safe investment option while also boasting growth opportunities. The company is expected to introduce the iOS 17 operating system shortly.

“Apple is different than the other businesses we own. It just happens to be a better business,” Berkshire Hathaway CEO Warren Buffett said at the company’s annual meeting in early May. Berkshire Hathaway purchased more Apple stocks this month, raising its holdings in the company to $151 billion.

The post Apple Closes in on $3 Trillion Stock Valuation appeared first on theprimarymarket.com.

Despite a fall in overall sales, Apple’s iPhone sales surged by $51.33 billion, thereby beating estimates of $48.84 billion and driving the company’s profit for the quarter.

Apple’s reported a $24.16 billion net profit for the first quarter. This put the company’s gross profit margin at 44.3%, thereby narrowly beating Wall Street estimates of 44.1%. Earnings per share were $1.52, beating an estimate of $1.43 per share.

While the company was able to exceed expectations, finance chief Luca Maestri is expecting Apple’s overall revenue in the second quarter to decline by 3%.

“We expect our June quarter year-over-year revenue performance to be similar to the March quarter assuming that the macroeconomic outlook does not worsen from what we are projecting today for the current quarter,” Maestri revealed on a call with analysts.

The post Apple Earnings Beat Estimates; iPhone Sales Surge appeared first on theprimarymarket.com.

Created in partnership with Goldman Sachs, the savings account service will be available to all Apple Card holders. The users will be able to either transfer money or deposit Daily Cash to the account while getting an annual percentage yield (APY) of 4.15%.

Apple savings account, which is managed from the Wallet app, has no fees, no minimum balance requirements, and allows money withdrawals at any point. However, there are some limitations since users can’t hold more than $250,000 in their accounts. Also, there is a maximum deposit of $10,000 in one transaction.

“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

Apple’s savings account could prove popular with users considering its flexibility and generous annual percentage yield. According to data from Federal Deposit Insurance Corporation, the current national APY average is 0.35%.

The post Apple Will Start Offering High-Yield Savings Accounts to Apple Card Holders appeared first on theprimarymarket.com.

Now, Apple manufactures around 7% of its iPhones in India, which is the world’s fastest-growing smartphone manufacturing hub. the U.S.-based tech company is expanding its operations in India by adding more partnerships with companies operating in the region such as Foxconn Technology Group and Pegatron Corp.

In total, Apple exported $5 billion worth of iPhones in the year ended March 2023—four times the previous annual period. The company is also planning to start manufacturing its next iPhone in India at the same time as it begins production in China, likely in the fall of 2023.

Should this plan reach fruition, it will be the first time that Apple begins assembling a new line of iPhones concurrently in two countries. If the company persists with its expansion efforts, a quarter of all of its iPhones could be assembled in India by 2025.

The post Apple Triples India iPhone Production, Shifting Output From China appeared first on theprimarymarket.com.