The Big Tech reporting season is in full swing – and all eyes will be on Apple and Amazon when they report next week.
Apple has suffered as demand slows in China in the face of economic uncertainty and fierce competition.
Earlier this month, Apple lost its crown as the world’s largest phone maker to Samsung.
South Korean tech firm Samsung delivered more than 60m devices in the first three months of 2024. This was more than the 50m iPhones models that Apple shipped in the same period, says research firm International Data Corporation.
The setback came as iPhone sales slumped 19 per cent in China as the likes of Huawei continue to steal market share.
Sophie Lund-Yates, analyst at Hargreaves Lansdown, said Wall Street will be keeping a close eye on the company’s outlook statement when the group posts its latest quarter on Thursday evening.
Services include Apple’s music and video streaming service. Netflix recently revealed it had added more than 9m subscribers in the first three months of 2024 – its best start to a year since the beginning of Covid lockdowns.
But investors were less impressed by Facebook owner Meta’s quarterly results.
Although the company posted a surge in revenues and profits, shareholders were spooked by the tech giant’s planned spend on artificial intelligence.