Margin PressureThe outlook for 2024 shows tempered expectations due to headwinds in gross margin from advanced SIP and auto/industrial mix.
Market Share LossRevenues are guided down, well-below consensus expectations, due to lower iPhone demand trends combined with share loss in the current iPhone cycle.
Revenue DeclineThe 4Q24 guidance implies an 11% QoQ decline in total revenue and 23% QoQ drop in Communications revenue, far greater than single-digit declines in total revenue and Communications revenue seen in a typical Q4.