According to a Bloomberg report, tech giant Apple (NASDAQ: AAPL) intends to hold its iPhone shipments steady even as the smartphone market is expected to decline. The company has asked its suppliers to produce around 85 million iPhone 15 units this year, the report stated.
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According to a Canalys report, in the first quarter of this year, the global smartphone market continued to decline for the fifth straight quarter, with a fall of 13% year-over-year due to macroeconomic uncertainties. The report stated that while Samsung (SSMMF) was the leader with a market share of 22%, Apple came in at second place with a 21% market share, driven by a strong demand for its iPhone 14 Pro.
Analysts are bullish on AAPL stock with a Strong Buy consensus rating based on 24 Buys and seven Holds.