What's Going On With Apple Stock Monday?

Apple Inc AAPL stock is trading higher Monday amid reports indicating that it urged suppliers to produce about 85 million units of the iPhone 15 in 2023, roughly in line with 2022.

The iPhone maker looks to maintain steady shipments despite disruption in the global economy and a likely decline in the smartphone market. 

The company will likely increase revenue overall because Apple is considering raising the price for Pro models, said the people, Bloomberg cites familiar sources.

Also Read: Apple's India Sales Figure Hits Record As It Nears Expanding Presence In Country With Retail Stores

Apple's shares gained nearly 50% this year, pushing its market capitalization to $3 trillion.

From Samsung Electronics Co, Ltd SSNLF to Taiwan Semiconductor Manufacturing Company Ltd TSM to Hon Hai Precision Industry Co Ltd HNHPF Foxconn Technology Group, some of the leading corporations depend on the iPhone business to drive growth and margins. 

In 2023, Apple had to slash the forecast for its upcoming entry-level phones by about 2 million due to a production challenge with CMOS image sensors. Still, it compensated for the plunge by adding orders for higher-priced Pro models.

There have also been minor issues with the new iPhone screens, likely to be fixed within a week or two, with no significant impact on the company.

According to Counterpoint Research, phone sales have declined for eight consecutive quarters. Chinese Android brands Vivo and Xiaomi Corp XIACY suffered more than 10% declines.

Counterpoint estimates that Apple's sales slid 2% in the most recent quarter. Still, its market share rose to 17% because of continuing growth in demand for premium phones courtesy of development in multiple new markets like India, which are typically not considered its core markets.

Price Action: AAPL shares traded higher by 0.53% at $192.95 premarket on the last check Monday.

Photo via Shutterstock

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