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☆ Samsung's quarterly profit set to hit 6-year low as consumers hunker down
▼ + stars: | 2023-01-05 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

Samsung, as the world's biggest maker of memory chips, smartphones and TVs, is a bellwether for global consumption trends. That would be Samsung's lowest quarterly profit since the third quarter of 2016 and compares with an operating profit of 13.87 trillion won a year earlier. Operating profit for Samsung's chip business likely tumbled by 78% to 1.9 trillion won, an average of seven analyst estimates showed. It had about 128.82 trillion won ($100.83 billion) in cash as of end-September. Samsung's mobile business is also expected to see profits shrink, with forecasts calling for a 14% fall to 2.3 trillion won for the quarter.

☆ Apple to sign Luxshare for iPhone production in China - FT
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Luxshare, which was founded in 2004, became an Apple supplier in 2011 and has steadily moved up the hardware giant's value chain, from making connector cables for the iPhone and Macbook to manufacturing Airpods. Analysts expected Apple to diversify its supplier base amid production disruptions in China due to employee unrest at a factory operated by Foxconn and COVID-19 induced lockdowns. Apple in November warned of lower shipments of its premium iPhone 14 models following significant production cuts. Industry research firm TrendForce said on Saturday that Apple decided to employ Luxshare as one of the assemblers for the upcoming iPhone 15 Pro Max. TrendForce added that Luxshare's only iPhone assembly plant is located in China and it doesn't plan on setting up an iPhone production line at its Vietnam plant where it assembles Apple accessories.

☆ Apple's market cap falls under $2 trillion as selloff continues
▼ + stars: | 2023-01-03 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Apple first hit a $2 trillion valuation in Aug. 2020, as the pandemic boosted its sales of computers and phones for remote work or school. It briefly hit a market value over $3 trillion during trading last January. A recent report from supply chain analyst Trendforce said that it saw Apple's iPhone shipments declining 22% in the December quarter. At just over $124 per share, Apple would hit its latest 52-week low if it closes at the current price. Apple's share price fell nearly 27% in 2020.

[1/5] A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. "We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," it said in a statement. Apple, which began selling its iPhone 14 range in September, said customers should expect longer waiting times. It has iPhone production sites in India and southern China, but its biggest is in the city of Zhengzhou in the eastern Chinese province of Henan.

☆ China’s second-largest chipmaker poised for $2.5 billion IPO in Shanghai
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 7 (Reuters) - Chinese chip manufacturer Hua Hong Semiconductor Ltd (1347.HK) has received regulatory approval for an 18 billion yuan ($2.5 billion) IPO in Shanghai, according to a filing published late on Friday on the Hong Kong stock exchange. The proceeds from the IPO will also go to upgrading the latter fab, according to its prospectus. Hua Hong’s Shanghai IPO will follow that of China’s Semiconductor Manufacturing International Corp (SMIC) (0981.HK), which, like Hua Hong, went public on Shanghai’s tech-centric STAR market in 2020 after it listed in Hong Kong years earlier. Hua Hong’s planned IPO comes after Washington passed unprecedented export controls on Chinese chip makers. Hua Hong specializes in mature technology, and generates most of its revenue making chips using 55-nanometer process technology.

[1/5] People look at Apple products as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. "We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," it said. Its main Zhengzhou plant in central China, which employs about 200,000 people, has been rocked by discontent over stringent measures to curb the spread of COVID-19, with many workers fleeing the site. Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, accounting for 70% of iPhone shipments globally.

☆ Apple adds Pegatron as new iPhone 14 supplier in India - Bloomberg News
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew KellyNov 4 (Reuters) - Apple Inc's (AAPL.O) Taiwanese contract manufacturer Pegatron Corp (4938.TW) has begun assembling the new iPhone 14 in India, Bloomberg News reported on Friday, citing people familiar with the matter. read moreMeanwhile, Foxxconn (2317.TW), formally Hon Hai Precision Industry Co Ltd, began production of iPhone 14 in India in September, making Pegatron the second producer of the model in India, Bloomberg report added. All of Apple's biggest Taiwanese suppliers, Foxconn, Pegatron and Wistron Corp (3231.TW) , have ramped up iPhone assembly in India, boosted by Prime Minister Narendra Modi's financial incentives program, Bloomberg said. Pegatron declined to comment, whereas a spokesperson for Apple did not immediately respond to a Reuters query.

It missed an average forecast of a 474 billion won loss from 12 analysts polled by Refinitiv SmartEstimate. Revenue fell 6% to 6.8 trillion won, LG Display said in a regulatory filing. "Under the conservative stance that poor management performance may be prolonged...we will accelerate our exit from the LCD TV sector," said LG Display Chief Financial Officer Sunghyun Kim told analysts on Wednesday, without providing an updated timeline. In third quarter, the company derived around 9% of its revenue from LCD TVs, a spokesperson said. Shares in LG Display fell 0.8% after the earnings result, versus a 0.6% rise in the wider market.

Analysts expect iPhone sales to rise 11% in the fiscal fourth quarter ended September, according to Refinitiv, thanks to consumers upgrading to the company's premium-priced Pro phones. However, growth is estimated to slow to just 2% in the crucial holiday quarter. read moreReuters GraphicsAnalysts believe Apple's move to leave prices unchanged on its latest Pro models is driving strong demand. The holiday quarter is typically Apple's biggest and accounts for about 30% of its annual revenue, since it launches iPhones and Macbooks ahead of the shopping season. Macbook sales are expected to fall 5% in the holiday quarter, after a likely rise of about 2% in the September-ended quarter.

☆ Apple is cutting back production of iPhone 14 Plus due to weak demand - TrendForce
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Apple Inc (AAPL.O) is cutting back production of iPhone 14 Plus and is increasing the output of the more expensive iPhone 14 Pro due to lukewarm demand, market research firm TrendForce said Tuesday. The share of more expensive iPhone 14 Pro series has increased to 60% of the total output from the initially planned 50%, and it could rise to 65% in the future, the report said. This could lead to a 14% year-on-year drop in production to 52 million units. read moreLast month, the company said it would manufacture its latest iPhone 14 in India, as the tech giant moves some of its production away from China to hedge risks arising from the growing tensions between Washington and Beijing. TrendForce estimates the share of Apple's output from India to exceed 5% in 2023 and increase over the years.

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