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 from slowing demand in China amid economic uncertainty and fierce competition.
Earlier this month, Apple lost its crown as the world’s largest phone maker to Samsung.
South Korean technology company Samsung shipped more than 60 million devices in the first three months of 2024. This was more than the 50 million iPhone models that Apple shipped in the same period, says research firm International Data Corporation.
The setback came as iPhone sales fell 19 percent in China as companies like Huawei continue to steal market share.
Sophie Lund-Yates, an analyst at Hargreaves Lansdown, said Wall Street will closely monitor the company’s outlook statement when the group publishes its latest quarter on Thursday evening.
Services include Apple’s music and video streaming service. Netflix recently revealed that it had added more than 9 million subscribers in the first three months of 2024, its best start to the year since the start of Covid lockdowns.
But investors were less impressed by Facebook owner Meta’s quarterly results.
Although the company posted an increase in revenue and profits, shareholders were spooked by the tech giant’s planned spending on artificial intelligence.