Another red flag for Apple? Biggest supplier Foxconn notes slower market demand in Q4

Piper Sandler Taiwan city Sandler markets Apple Remark Trade electronic reports Updates Q4

05.01.2024 - 10:58

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investing.com:

Apple (NASDAQ:AAPL) shares are facing their fifth consecutive session of declines, marking a challenging start to 2024.

Despite a remarkable 50% rally in the previous year, concerns over iPhone demand have led to a 5.5% drop in share value, erasing over $160 billion in market capitalization in the first three trading days of 2024.

The stock fell a further 0.7% in pre-market Friday.

Taiwan's Foxconn, Apple's main iPhone assembler, said today it anticipates a year-on-year decline in first-quarter revenue due to slower market demand. Foxconn is due to report on March 14, when it will also update its outlook.

The traditionally quieter first quarter is marked by decreased demand for smartphones and electronics after the holiday period.

Apple stock witnessed two rare downgrades this week, from Piper Sandler and Barclays, both citing iPhone demand worries.

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