Get Apple Inc. Reportshares fell to a higher level Monday ahead of the developers conference at the California business headquarters, which will begin later today.
Additional enhancements to Apple''s new operating system, iOS16, and the introduction of a "always on" feature for the new iPhone 14s, according to reports. The new iOS will also include significant improvements to notifications.
According to several media reports, the new operating system is expected to include significant modifications to Apple''s iPad, allowing for easier blending between applications and re-sizing windows. The device will then be transformed into something more similar to a laptop than a smartphone.
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Apple''s stock was marked 1.36% higher in premarket trading, indicating an opening bell price of $147.35 each, a move that would continue to drop 17 percent for the year.
Last week, Morgan Stanley analyst Katy Huberty described the lack of "downside risk" for services revenue growth over the current quarter, noting that App Store sales had slowed to around 6 percent in the two months ending in May.
Apple is expected to keep iPhone production levels at around 220 million units in 2022, a figure that matches the last year''s ranking, as supply chain deficiencies and China''s Covid lockdown have an impact on supply and global growth, and Russia''s war on Ukraine has weakened demand.
Apple CEO Tim Cook told investors in April that Covid''s and supply chain shifts based on what he called the "Shanghai corridor" as well as Russia''s war in Ukraine will cut between $4 billion and $8 billion from current quarter revenues, resulting in an otherwise impressive second quarter earnings.
Apple, which makes by some estimates about 90% of its hardware goods in China, is planning to expand manufacturing hubs in India and Vietnam in order to both diversify its supply-chain and counter the effects of China''s severe Covid lockdowns.