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Apple Inc (NASDAQ:AAPL) aims to ship at least 90 million iPhone 16 devices in the latter half of this year, counting on AI services to fuel demand for its new lineup after a rocky 2023. The stock gained on Wednesday after the report.
According To a Bloomberg report, Apple told suppliers and partners that it’s targeting about 10% growth in shipments of new iPhones compared with their predecessors after shipping about 81 million iPhone 15s in the second half of 2023.
Also Read: Google Faces Market Pressure as Microsoft Promotes iPhones in China.
Apple has grown confident that adding some Apple Intelligence features to the iPhone 16 will help boost demand when the model goes on sale late this year, a familiar source told Bloomberg.
Apple anticipates a more robust 2024, even as it competes with other AI-enhanced smartphones from rivals like Samsung Electronics Co and Xiaomi Corp.
The iPhone had a slow start to 2024 in China, but demand for Apple’s iconic handsets began to rebound strongly since April, partly because of a flurry of discounts.
In the second quarter of fiscal year 2024, iPhone sales generated over 50% of Apple’s overall revenue, making it the company’s top-selling product.
Apple analysts expect vital iPhone upgrades and service growth in 2025.
Apple stock gained 23% in the last 12 months. Investors can gain exposure to the stock through SPDR S&P 500 (NYSE:SPY) and iShares Core S&P 500 ETF (NYSE:IVV).
AAPL Price Action: At the last check on Wednesday, Apple shares were trading higher by 1.45% at $231.99.
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Photo Courtesy Apple
