The post iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller 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.
]]>The post Nasdaq Stocks Fall Amid Apple Decline 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 post Apple Stock in Correction Following August Slump 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.
]]>The post Apple Revenue Falls Amid Slump in iPhone Sales 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.
]]>The post Apple Stock Sees a Brief Jump Following News of AI Project 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.
]]>The post Apple on Track to Close at Record High 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 post Apple Closes in on $3 Trillion Stock Valuation 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.
]]>The post Apple Shipments Plummet in First Quarter 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 post Goldman Sachs Recommends Buying Apple Stock for the First Time since 2017 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.
]]>The post Apple Supplier Halts Production Following Fire appeared first on theprimarymarket.com.
]]>Management at Foxlink has estimated that approximately 1 billion Indian rupees ($12 million) in damages have been incurred as a result of the fire. The company then went on to confirm that no injuries or casualties has occurred.
This disruption comes as a major setback for both Foxlink and Apple. Currently, Apple relies on Foxlink to make cables for its iPhones. J Ramanaiah, the leader of the Disaster Response and Fire Services Department for Tirupati district in the state of Andhra Pradesh, confirmed that around 50% of the equipment at the facility was damaged from the fire, while roughly half the building collapsed as a result.
Neither Apple nor Foxlink have responded to calls from the media regarding the incident.
The post Apple Supplier Halts Production Following Fire appeared first on theprimarymarket.com.
]]>The post iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller 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.
]]>The post Nasdaq Stocks Fall Amid Apple Decline 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 post Apple Stock in Correction Following August Slump 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.
]]>The post Apple Revenue Falls Amid Slump in iPhone Sales 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.
]]>The post Apple Stock Sees a Brief Jump Following News of AI Project 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.
]]>The post Apple on Track to Close at Record High 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 post Apple Closes in on $3 Trillion Stock Valuation 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.
]]>The post Apple Shipments Plummet in First Quarter 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 post Goldman Sachs Recommends Buying Apple Stock for the First Time since 2017 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.
]]>The post Apple Supplier Halts Production Following Fire appeared first on theprimarymarket.com.
]]>Management at Foxlink has estimated that approximately 1 billion Indian rupees ($12 million) in damages have been incurred as a result of the fire. The company then went on to confirm that no injuries or casualties has occurred.
This disruption comes as a major setback for both Foxlink and Apple. Currently, Apple relies on Foxlink to make cables for its iPhones. J Ramanaiah, the leader of the Disaster Response and Fire Services Department for Tirupati district in the state of Andhra Pradesh, confirmed that around 50% of the equipment at the facility was damaged from the fire, while roughly half the building collapsed as a result.
Neither Apple nor Foxlink have responded to calls from the media regarding the incident.
The post Apple Supplier Halts Production Following Fire appeared first on theprimarymarket.com.
]]>