Apple plans to sell at least 90 million iPhone 16s by the end of 2024, with demand spurred by AI-powered features. According to BloombergApple informed suppliers and partners of its intention to increase the supply of new iPhones by about 10% compared to the volume of devices sold a year earlier. Recall that in 2023, it sold about 81 million iPhone 15s.
Apple is confident that the previously announced Apple Intelligence AI package, which will appear in the iPhone 16, will help drive demand for Apple smartphones later this year. It appears that Apple is counting on a stronger 2024, despite the fact that the company will have to compete with other AI-powered smartphones from various vendors, including Samsung.
The second half of last year was tough for the iPhone, especially in China, where the Huawei Mate 60 Pro, which uses its own processor, has taken the market by storm. Wall Street analysts expect Apple’s iPhone revenue to decline in the second half of 2024.
Amid a Bloomberg report about Apple’s plans to increase iPhone sales, the company’s shares rose 1.8% to $232.74 per share. As of the close of trading, Apple shares have risen 19% since the start of this year. The news also helped boost the shares of Apple suppliers such as Skyworks Solution and Qorvo. Apple officials declined to comment on iPhone supply plans.
According to analysts at Bloomberg Intelligence, Apple’s iPhone sales forecast is a positive sign given the relatively weak smartphone sales over the past two years. According to research firm IDC, global smartphone shipments fell 3.2% last year, although Apple managed to achieve growth of 3.7%.
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