Business Maverick: Key iPhone supplier warns smartphone demand will continue to fall

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 59 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 84%

Business News News

Business Business Latest News,Business Business Headlines

Murata Manufacturing Co expects this year’s drop in smartphone sales to keep going well into 2023, led by a sharp downturn in China.

The company’s outlook has dimmed dramatically from a quarter ago, when it looked forward to a bounceback in Chinese demand after the end of Covid-19 lockdowns in major cities. Consumers in the world’s biggest smartphone market haven’t responded with a spending spree and Murata sees little prospect for a rally over the next year, president Norio Nakajima told Bloomberg News in an interview.

Kyoto-based Murata is a linchpin of the smartphone industry, providing electronic modules and components for Apple’s iPhones, Samsung Electronics’s Android devices and China’s leading device makers. Its shares have slumped more than 20% this year as key customers have weathered“Consumers might have been willing to buy new phones even with small upgrades if the economy were in a better shape,” Nakajima said, pointing to interest rate hikes by central banks around the world as a big factor.

“Chinese makers pushed hard to sell outside their home turf, but due to various issues including intellectual property infringements, consumers like those in India began to avoid Chinese phones,” he said. “The weak yen gives us a breather as it will make our earnings look good,” Nakajima said, without elaborating as the company is still calculating the latest figures. Previously, Murata guided its revenue would increase by 11 billion yen [$74 million] per year with every one yen weakening against the greenback. “But this is dangerous, because the impact from foreign exchange rates masks falling factory operating rates stemming from weakening demand.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Star Wars actor Mark Hamill’s campaign sends 500 drones to UkraineLuke Skywalker is leading an army of drones to war. It reads like the synopsis of the next instalment in the Star Wars franchise, but it’s happening in real life. Hamill, who played the Jedi character in George Lucas’s original Star Wars trilogy that debuted in 1977, is serving as fundraising ambassador for Ukraine’s “Army of Drones” project in its fight against Russia’s invasion after getting a request from President Volodymyr Zelensky last month. He's still acting.....but now the result of his career is death Except Russia gets to offload their drones all over Ukranian territory while Ukraine cannot do the same to Russia cause it might 'upset' Putin. See how sick our Society has become that we are scared of Monsters that do evil? Then they end up doing worse evil cos we scared.🤬👿 Zelensky sounding more and more like CyrilRamaphosa ! I want and want and want!
Source: dailymaverick - 🏆 3. / 84 Read more »