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.

Stocks on the Nasdaq fell by 1%, with Apple plummeting by 3%, while the S&P 500 declined by 0.3%. In contrast, the Dow Jones Industrial Average remained stagnant, gaining a modest 0.2%.

Last week, unemployment claims slumped to their lowest level since February, signaling a resolute labor market. This, together with data showing that US services activity is at a six-month high, is raising bets that the Federal Reserve will keep interest rates higher for longer. The central bank is due to reconvene later this month.

The post Nasdaq Stocks Fall Amid Apple Decline 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.

During the same period of Apple’s decline, shipments across PC makers across the industry slumped by 29% to 56.9 million units. This is below the levels experienced in 2019. According to IDC, the decline comes as pandemic-induced demand for PCs due to remote work and gaming continues to wane.

Market leaders Lenovo Group Ltd. and Dell Technologies Inc. also followed in Apple’s footsteps, both experiencing declines in PC shipments of more than 30%. HP’s shipments were down 24.2%, while Asustek Computer Inc. experienced a 30.3% fall.

Anurag Rana, a Bloomberg Intelligence analyst, contends that while PC market declines have continued for several consecutive quarters, a rebound in the second half of the year is still possible. According to IDC, the market slowdown gives manufacturers time “to make changes as many factories begin to explore production options outside China.”

The post Apple Shipments Plummet in First Quarter appeared first on theprimarymarket.com.

The service, which was announced in the summer of 2022, will apply to online and in-app purchases that customers make using their iPhones or iPads. The minimum purchase is set to $50, while the maximum loan Apple Pay Later offers is $1,000. Any store or service that accepts Apple Pay will also offer a “buy now, pay later” service.

At the moment, Apple Pay Later won’t be available to all iPhone and iPad users. Instead, Apple will offer the service to randomly select users in the U.S., who will gain access to a pre-release version of Apple Pay Later through their Apple Wallet app. All other eligible users will get access in the “coming months.”

Apple won’t pay charge any interest or fees for the use of Apple Pay Later. However, the company notes that the “user’s bank may charge them fees if their debit card account contains insufficient funds to make loan repayments.”

 “There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, in a statement.

With Apple Pay Later, Apple will expand its services business while also tapping into a growing market. The Buy Now, Pay Later industry was worth $6.13 billion in the U.S. in 2022, with estimated 79 million users.

The post Apple Officially Launches Its “Buy Now, Pay Later” Service appeared first on theprimarymarket.com.

The last time Goldman Sachs had Apple at a Buy rating was in 2017. Since then, the company’s shares have seen a 300% increase in value, but the bank has remained mainly cautious under analyst Rod Hall. As of recently, the coverage has been turned over to analyst Michael Ng, who didn’t hesitate to shake things up from the get-go.

In a note to clients shared on Monday, Ng said that he sees a bright future for Apple due to its large customer base that will help the company grow and maintain its service business.

“The durability of Apple’s installed base and the resulting revenue growth visibility from attaching more services and products is what underpins the recurring revenue — or Apple-as-a-Service — opportunity,” Ng said.

Ng has set the price target for Apple at $199 per share, which is more bullish compared to the average of $169.61. The company’s stock is currently sitting at $154.98 per share, a roughly 24% increase year-to-date.

The post Goldman Sachs Recommends Buying Apple Stock for the First Time since 2017 appeared first on theprimarymarket.com.

Wall Street estimates for Apple’s Q1 revenue are $121.1 billion, just short of the company’s $123.9 billion revenue in 2022. Adjusted earnings per share are expected to be $1.94, shy of 2022’s figure of $2.10. While experts expect iPhone, Mac, and wearables revenues to decline compared to the previous year, iPad sales are expected to rise.

The company’s underwhelming earnings estimates come after Apple endured production disruptions including COVID lockdowns and worker protests at manufacturer Foxconn’s facility in Zhengzhou, China – the plant that produces the bulk of Apple’s iPhone 14 Pro and iPhone 14 Pro Max devices.

Despite shares being off 16% on Wednesday, Apple’s stock has continued to outperform much of its fellow Big Tech shares over the past year.

The post Apple Set to Report Q1 Earnings After Closing Bell 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.

Stocks on the Nasdaq fell by 1%, with Apple plummeting by 3%, while the S&P 500 declined by 0.3%. In contrast, the Dow Jones Industrial Average remained stagnant, gaining a modest 0.2%.

Last week, unemployment claims slumped to their lowest level since February, signaling a resolute labor market. This, together with data showing that US services activity is at a six-month high, is raising bets that the Federal Reserve will keep interest rates higher for longer. The central bank is due to reconvene later this month.

The post Nasdaq Stocks Fall Amid Apple Decline 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.

During the same period of Apple’s decline, shipments across PC makers across the industry slumped by 29% to 56.9 million units. This is below the levels experienced in 2019. According to IDC, the decline comes as pandemic-induced demand for PCs due to remote work and gaming continues to wane.

Market leaders Lenovo Group Ltd. and Dell Technologies Inc. also followed in Apple’s footsteps, both experiencing declines in PC shipments of more than 30%. HP’s shipments were down 24.2%, while Asustek Computer Inc. experienced a 30.3% fall.

Anurag Rana, a Bloomberg Intelligence analyst, contends that while PC market declines have continued for several consecutive quarters, a rebound in the second half of the year is still possible. According to IDC, the market slowdown gives manufacturers time “to make changes as many factories begin to explore production options outside China.”

The post Apple Shipments Plummet in First Quarter appeared first on theprimarymarket.com.

The service, which was announced in the summer of 2022, will apply to online and in-app purchases that customers make using their iPhones or iPads. The minimum purchase is set to $50, while the maximum loan Apple Pay Later offers is $1,000. Any store or service that accepts Apple Pay will also offer a “buy now, pay later” service.

At the moment, Apple Pay Later won’t be available to all iPhone and iPad users. Instead, Apple will offer the service to randomly select users in the U.S., who will gain access to a pre-release version of Apple Pay Later through their Apple Wallet app. All other eligible users will get access in the “coming months.”

Apple won’t pay charge any interest or fees for the use of Apple Pay Later. However, the company notes that the “user’s bank may charge them fees if their debit card account contains insufficient funds to make loan repayments.”

 “There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, in a statement.

With Apple Pay Later, Apple will expand its services business while also tapping into a growing market. The Buy Now, Pay Later industry was worth $6.13 billion in the U.S. in 2022, with estimated 79 million users.

The post Apple Officially Launches Its “Buy Now, Pay Later” Service appeared first on theprimarymarket.com.

The last time Goldman Sachs had Apple at a Buy rating was in 2017. Since then, the company’s shares have seen a 300% increase in value, but the bank has remained mainly cautious under analyst Rod Hall. As of recently, the coverage has been turned over to analyst Michael Ng, who didn’t hesitate to shake things up from the get-go.

In a note to clients shared on Monday, Ng said that he sees a bright future for Apple due to its large customer base that will help the company grow and maintain its service business.

“The durability of Apple’s installed base and the resulting revenue growth visibility from attaching more services and products is what underpins the recurring revenue — or Apple-as-a-Service — opportunity,” Ng said.

Ng has set the price target for Apple at $199 per share, which is more bullish compared to the average of $169.61. The company’s stock is currently sitting at $154.98 per share, a roughly 24% increase year-to-date.

The post Goldman Sachs Recommends Buying Apple Stock for the First Time since 2017 appeared first on theprimarymarket.com.

Wall Street estimates for Apple’s Q1 revenue are $121.1 billion, just short of the company’s $123.9 billion revenue in 2022. Adjusted earnings per share are expected to be $1.94, shy of 2022’s figure of $2.10. While experts expect iPhone, Mac, and wearables revenues to decline compared to the previous year, iPad sales are expected to rise.

The company’s underwhelming earnings estimates come after Apple endured production disruptions including COVID lockdowns and worker protests at manufacturer Foxconn’s facility in Zhengzhou, China – the plant that produces the bulk of Apple’s iPhone 14 Pro and iPhone 14 Pro Max devices.

Despite shares being off 16% on Wednesday, Apple’s stock has continued to outperform much of its fellow Big Tech shares over the past year.

The post Apple Set to Report Q1 Earnings After Closing Bell appeared first on theprimarymarket.com.