Investing.com – Shares of Asian suppliers Apple Inc (NASDAQ:) fell on Thursday as markets braced for more signs of slowing iPhone sales while any news about the tech giant’s artificial intelligence deployment remained in the spotlight.
Taiwan TSMC (TW:) and Hong Hai Shares of Precision Industry (TW:) (Foxconn), Apple’s two largest Asian suppliers, fell 1.5% and 1.9%, respectively. In Hong Kong, shares of AAC Technologies (HK:), which supplies audio equipment to Apple, fell 2.2%.
On the other hand, South Korea Samsung Electronics Co. Ltd. (KS:), which is Apple’s main competitor but also supplies it with display and storage technology, rose 1%. LG Innotek Co Ltd. (KS:), another South Korean Apple supplier, added 1.4%.
Apple is set to report earnings for March after the U.S. market closes on Thursday and is expected to post a sharp decline in revenue as sales of its flagship iPhone continue to slow.
Earnings per share are expected to be $1.50, down from the prior year, on revenue of $90.32 billion, compared with revenue of $94.8 billion last year, according to Investing.com estimates. .
Revenue is expected to decline, especially from iPhone sales, amid weaker demand in the main Chinese market and competition from local players. Xiaomi (OTC:) Corp (HK:) and a resurgent Huawei are also expected to matter.
An April report showed that Apple had lost its place as the top-selling smartphone maker to Samsung in the first quarter of 2024.
The Cupertino-based tech giant is expected to announce new artificial intelligence features that will help revive iPhone sales, given that some of its competitors have already rolled out artificial intelligence integration for their flagship devices.
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The company is reportedly in talks with OpenAI and Google (NASDAQ:) to add generative AI features to the iPhone. While these features are expected to be revealed at the annual developer conference in June, the firm is expected to reveal some details about its plans on Thursday.
Apple shares fell 0.6% on Wednesday and are down nearly 9% in 2024. Because of these losses, Apple lost its position as the most valuable listed company in the world to MSFT.