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Apple’s expectations from the sales of new mobile devices did not come true. In this regard, the company has changed its mind to increase its production.
There is evidence that the company plans to release the usual number of mobile devices in the second half of 2022, which is about 90 million phones. From the production of an additional 6 million iPhone 14 during the same period, the company had to give up, according to Bloomberg.
It has become known that during this period more expensive models of iPhone 14 Pro sold better than the phones of initial versions. Based on this data, some suppliers are already starting to prioritize the production of premium models.
Stock price
Apple stock is slowly recovering after falling almost 5% Wednesday and Thursday and closed at $142.51 on Thursday, gaining 0.72%.
Source: TradingView
Over the last year the stock lost 18% in value, while at the same time the S&P 500 index fell by 23%. Despite this, Morgan Stanley analysts believe it will not affect volume forecasts. Other analysts think that sales in 2023 will fall against the background of reduced demand in China and Europe.
Shares of chipmaker ASML Holding NV (Amsterdam) lost 3.2%. Key chip maker Taiwan Semiconductor Manufacturing Co. fell 2.2%. Also a 2.9% decline in share price was seen in the largest iPhone assembler Hon Hai Precision Industry.
Due to the economic downturn in the smartphone market in China, Chinese smartphone manufacturers suffered losses, and of course iPhone sales also fell. Compared to last year, iPhone 14 purchases were down 11% in the first three days in China. Market Tracker IDC predicts a decline in the smartphone market to 1.27 billion units, that is, by 6.5%.
Analyst forecasts
At the same time, analysts at TipRanks forecast a 12-month average target price of $182.45. This suggests a 31.48% upside potential for AAPL.
Apple’s analyst consensus: Strong Buy is based on ratings from 28 Wall Streets analysts.
Source: Tipranks
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