Apple sheds a mass of $60 billion in value after reports of weak iPhone sales emerge out
Looks like the ambition of Cupertino’s tech giant to become a trillion dollar company is going to take another decade or so.
Apple has lost over $60 billion in market cap in two days after Taiwan Semiconductor, Apple’s biggest supplier said in an earnings report that second-quarter revenues would be hit by “weak demand from the mobile sector”.
Apple shares fell nearly seven percent on Thursday and Friday over reports of an immense slowdown in smartphone sales in 2018, as reported by NewsDoses. Not just Apple, the news led to several global chipmakers losing market value, including Analogue Devices, Dialog Semiconductor, Qualcomm, and Qorvo.
In another setback for the iPhone maker, its efforts to get LG Display’s OLED screens for future iPhone production line “have hit manufacturing issues”, the Wall Street Journal reports.
It must be noted that the Cupertino based company currently uses Samsung’s OLED displays for iPhone X. However, the LCD panels which are currently being used in the iPhone 8 and iPhone 8 Plus are supplied by LG. Apple Watch screen is also made by LG Display.
There are reports that Apple is designing and producing its own device screens, secretly at a facility near its headquarters in California. And for now, it appears like Apple is divided on whether LG will be able to succeed as Samsung’s replacement for OLED displays.