Apple Slips on Concerns of Slower Demand for iPhones in 2024

iPhone 15 smartphones at an Apple store in New York. — iPhone 15 smartphones at an Apple store in New York.
Photographer: Gabby Jones/Bloomberg

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By Nick Turner and Alexander Pearson

January 30, 2024 at 4:28 PM UTC

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Apple Inc. slipped 2% on Tuesday after the influential technology analyst Ming-Chi Kuo warned that the company is expecting lower demand for iPhones in 2024.

The tech giant lowered its 2024 iPhone shipments of key semiconductor components to about 200 million units, the analyst wrote in a report, citing his latest supply chain survey. That suggests shipments of the iPhone 15 and upcoming iPhone 16 will decline by 10% to 15%, he said.