Potentially another concern for Apple as Foxconn reports slower market demand in Q4

Apple's stock is down for the fifth straight day, indicating a difficult start to 2024.

Concerns over iPhone demand have caused a 5.5% decline in share value, wiping out almost $160 billion in market capitalisation in the first three trading days of 2024, despite a stunning 50% rise in the previous year.

The primary iPhone assembler for Apple, Taiwan's Foxconn, announced today that it expects reduced first-quarter revenue compared to the previous year because of weaker market demand. On March 14, Foxconn is scheduled to release its earnings and provide an outlook update.

Following the holidays, there is often less of a demand for mobile phones and other devices in the first quarter, which is usually calmer.

This week, there were two unusual downgrades of Apple stock: Piper Sandler and Barclays both cited concerns about iPhone demand.

(Sources: investing.com, reuters.com)