Apple’s ( AAPL Quick Quote AAPL - Free Report) much-rumored foldable iPhone is now expected to be launched in 2025 at the earliest instead of 2024, per latest prediction from dependable analyst Ming-Chi Kuo, cited by 9TO5 Mac. Ming-Chi Kuo’s revised prediction validates DSCC analyst Ross Young’s report that Apple might delay its foldable iPhone until 2025. Kuo expects Apple to launch either a foldable iPad or a hybrid of iPad & iPhone. Whatever might be the form factor, latest reports from these reliable analysts do suggest that Apple is in no hurry to enter the foldable smartphone market. The company has been benefiting from strong sales of iPhone 13, although faltering demand for the recently launched iPhone SE is a concern. The Russia-Ukraine war and mounting inflation are likely to have dent consumer electronics demand. Per Nikkei Asia report, Apple is lowering its production plans for iPhone SEs by 20%, which is about 2 million to 3 million units, for the June quarter. The company is also lowering production of the entire iPhone 13 range by a couple of million units. Apple is also planning to lower AirPods production by more than 10 million units in 2022 due to sluggish demand. Nevertheless, the Zacks Rank #2 (Buy) company has outperformed the Zacks Computer-Mini Computers industry and the Zacks Computer and Technology sector in the year-to-date period. While Apple shares have declined 1.8% during the time frame, the Zacks Computer-Mini Computers industry and the Zacks Computer and Technology sector have declined 1.9% and 10.7%, respectively.
Apple is benefiting from continued momentum in Services and robust performance from iPhone, Mac, Wearables and an expanding App Store ecosystem. However, Apple did not provide revenue guidance for the second quarter of fiscal 2022, given the uncertainty around the impact of the pandemic.
Nevertheless, Apple expects to achieve solid year-over-year revenue growth and set a second-quarter revenue record despite significant supply constraints, which it estimates to be less than the fiscal first-quarter numbers. The Zacks Consensus Estimate for second-quarter fiscal 2022 earnings is pegged at $1.43 per share, unchanged over the past 30 days. The consensus mark for revenues stands at $94.32 billion, suggesting 5.3% growth from the figure reported in the year-ago quarter. Other Stocks to Consider
Here are some top-ranked stocks worth considering in the broader Computer & Technology sector:
Advanced Micro Devices ( AMD Quick Quote AMD - Free Report) sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. AMD shares have fallen 24.8% in the year-to-date period. The Zacks Consensus Estimate for AMD’s first-quarter 2022 earnings stands at 91 cents per share, unchanged over the past 30 days. Diodes ( DIOD Quick Quote DIOD - Free Report) flaunts a Zacks Rank #1. DIOD shares have fallen 23.6% in the year-to-date period. The Zacks Consensus Estimate for Diodes first-quarter 2022 earnings stands at $1.55 per share, unchanged over the past 30 days. NVIDIA ( NVDA Quick Quote NVDA - Free Report) also sports a Zacks Rank #1. NVDA shares have declined 9.2% in the year-to-date period. The consensus mark for NVIDIA’s first-quarter fiscal 2023 earnings stands at $1.29 per share, down by a penny over the past 30 days.