Apple Aims to Keep iPhone Shipments Steady Despite 2023 Turmoil

tech.hindustantimes.com:

Apple Inc. is asking suppliers to produce about 85 million units of the iPhone 15 this year, roughly in line with the year before, according to people familiar with the matter.

The Cupertino, California-based company is aiming to hold shipments steady despite tumult in the global economy and a projected decline in the overall smartphone market. It's likely to increase revenue overall because Apple is considering raising the price for Pro models, said the people, asking not to be named because the targets aren't public.

The fortunes of Apple, the world's most valuable company, reverberate through the global economy, driving business for thousands of suppliers and fueling employment for millions from the US and China to Vietnam and India. Its shares have surged almost 50% this year, pushing its market capitalization to $3 trillion.

Apple and its rivals are grappling with sharp declines in demand for electronics from smartphones to computers, as corporations and consumers held off on purchases in the face of surging prices and economic uncertainty. In the US, the Federal Reserve is expected to raise interest rates again this week to fight inflation, while China's economy, the world's second largest, lost steam in the second quarter.

Apple's production schedule is closely scrutinized because of the company's broad impact. From Samsung Electronics Co. to Taiwan Semiconductor Manufacturing Co. to Foxconn Technology Group, some of the world's largest corporations depend on iPhone business to drive growth and margins. Apple said it would stop disclosing specific shipment numbers in 2018, in part to shift investor focus to more predictable businesses like its App Store.

This year, the company had to trim the forecast for its upcoming