Apple Inc. fell in early trading after forecasting a sales decline for the first time in more than a decade, adding to evidence that the market for smartphones is becoming saturated and that expansion in China is no longer enough to maintain the company’s unprecedented run of growth.
Revenue in the first three months of the year will be $50 billion to $53 billion, Apple said Tuesday, the first quarterly drop since 2003 and below analysts’ estimates for $55.5 billion. That follows a holiday quarter in which overall sales and iPhone shipments fell short of projections, reinforcing concerns that Apple is reaching the limits of iPhone growth and that a push in China won’t make up for a slowdown in the rest of the world — a sentiment that’s fueled a stock slide of 20 percent in the past six months.
While Apple remains immensely profitable — generating a record $18.4 billion in net income on sales of $75.9 billion in the December quarter — it’s no longer benefiting as much from the rapid adoption of smartphones around the world. Mobile-phone rival Samsung Electronics Co. also recently reported weaker-than-expected results. Apple Chief Executive Officer Tim Cook has expanded in China and released new services and products such as Apple Watch to help broaden the business, but the company’s dependence on the iPhone leaves it vulnerable to any deceleration in demand.
“They have other products, and have the potential to launch other products, but the hole left from an iPhone slowdown is too big to fill,” said Abhey Lamba, an analyst at Mizuho Securities USA. “Its future is whatever is happening in the smartphone space.”
Apple shares dropped 4 percent in early trading in New York Wednesday to $96.
In addition to the iPhone, Apple’s other product lines are also stalling. iPad purchases continued to decline, falling to 16.1 million tablets during the holiday quarter, compared with a projection of 17.3 million. Mac sales fell to 5.31 million, compared with the 5.8 million estimated. IPhone sales rose to 74.8 million units, compared with the average 75 million predicted by analysts.
Luca Maestri, Apple’s chief financial officer, said the company is feeling the effects of a “very different” economic environment around the world. Apple is beginning to see “softness” in China, particularly in Hong Kong, he said.
“You need to take into account the business opportunities that we have, but also the realities of an economic environment that is not ideal right now,” he said. Brazil, Canada, Japan and Russia also are showing signs of slowing down, he said. “There are a lot of economies around the world that are in recession.”
Xiaomi Launches Black Friday Sale With Discounts and Extra Gifts on Smartphones
Xiaomi gives discount of N5,000 on every purchase of its smartphone
Mobile phone maker, Xiaomi has lined up good discounts and extra gifts to thrill its customers during black Friday sales.
The company which is also into consumer electronics noted that it’s back Friday sale will run between November 18th to November 30th, 2022.
Apart from a flat discount of N5,000 on every purchase of its smartphone, customers can also win amazing gift prizes which include refrigerators, Xiaomi luggage, Redmi Bud 3 earbuds.
A star winner who will go home with an N3 million cash prize will also emerge through a raffle draw on January 10th, 2023.
Investors King understands that Black Friday is an opportunity to buy the product you desire either smartphones, groceries, or any type of electronic at a very good price. It is celebrated virtually around the world.
Black Friday which followed “thanksgiven day” in the United States is largely regarded as a day or season to say thank you for being with us this far.
While amazing discounts are being offered on several products, a number of top brands especially electronic and smartphone-making companies do use black Friday to say thank you to their customers.
Some of the platforms where you can get an amazing offer in Nigeria during this black Friday season include Jumia and Konga.
You can check the filing articles for amazing offers that both Jumia and Konga offer during this year’s black Friday.
On Xiaomi’s black Friday for instance, when a customer buys Redmi Note 11 or Redmi Note 11S, he will get a discount of N5,000 and Xiaomi in-ear headphones. Similarly, Redmi Note 11 Pro or Redmi Note 11 Pro+ 5G comes with a 10000mAh power bank.
Interestingly, Xiaomi noted in a statement that the offer is open to all new and old customers while customers can enjoy the amazing offer by visiting any of Xiaomi’s retail stores nationwide or at Essence House, Computer Village Ikeja.
Konga Kickstarts Black Friday “Yakata” With 90% Discounts on Rice, Cooking Oil, and Mobile Phones
E-Commerce giant, Konga has begun its discounted sale with up to 90 percent off on some house need products which include rice and cooking oil. The sale which is already witnessing a high volume of patronage is tagged “Friday Yakata”
Other products available for grabs at a very good price on the Konga platform include mobile phones of different brands, Laptops, TV sets, Refrigerators, Air conditioners, and Washing machines.
At exactly 12 midnight every day till 12th of December, Konga will stage one of its much anticipated events, “Teasure Hunt”. Investors King learnt.
Treasure Hunt gives lucky buyers the opportunity to purchase products with up to 90 percent off them.
Other lined-up events for Friday “Yakata” include Flash Sale and Cyber Monday.
Additionally, Konga also partners with MedDirect to provide a 10 percent discount on all medicine which will be delivered free to anywhere in Nigeria.
Another way to benefit from the “Yakata” season is to use Konga Pay which comes with a 5 percent discount on any shopping basket above N100,000.
A statement released by the e-commerce platform noted that back Friday “Yakata” is regarded as the biggest sale of the year in the annual shopping calendar in Nigeria.
According to the company’s head of marketing, Anthony Nwabuisi, Konga has seen improved patronage on its platform since the beginning of this year despite the prevailing economic challenges both in the domestic and international markets.
‘‘It has been an impressive start to this year’s edition of Konga Yakata for us. Despite the undeniably harsh economic conditions, general buying sentiments are way above expectations,” he said.
Also speaking on the importance of the Konga Friday Yakata, Nwabuisi stated that Konga has a 50 percent discount on virtually all meals ordered on the platform.
He added that shoppers can also get the advantage of free delivery or buy-one-get-one-free in select restaurants.
Conclusively, Konga’s platform can easily be used by downloading the application or navigating through the website at Konga.com.
Zenith Bank Splashes N53m on Finalists at Zenith Tech Fair 2.0
A total sum of N53 million in prize money was won at the end of a keenly contested hackathon session at the Second Edition of the Zenith Tech Fair, themed “Future Forward 2.0”, which was held on Wednesday, November 23, 2022, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos.
The prize money was shared among eleven finalists who emerged from the over 500 contestants that took part in the hackathon, with Ecotutu, a cleantech company making cooling affordable and accessible for businesses, especially in the agricultural sector, emerging as the overall winner and taking home the grand prize of N20 million. This is in addition to a mentorship programme with Seedstars, a company dedicated to implementing high-quality capacity-building programmes for entrepreneurs in emerging markets.
The first runner-up, Foris Labs, an app-based platform that allows students to conduct science experiments individually and in groups interactively via their mobile phones, won N15 million and a mentorship programme with Seedstars, while the second runner-up, Finva, a start-up which helps creditors offer credits at low risk, won N10 million as well as a mentorship programme with Seedstars. Other finalists who took home N1million each include Sanwo, Itinu -Ev, Eduvacity, Green Bii, Zion Robotics, Sono Care, Base, and I grow Africa.
Speaking during the presentation of the prize monies, the Group Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, congratulated all the finalists for coming this far in the competition. He reiterated the bank’s readiness to provide all that is necessary to make the budding entrepreneurs succeed. According to him, “all finalists would be enlisted into our incubation lab for grooming and mentorship. Our expectation is that we are going to scale and grow them just like the zenith brand. So, looking at what we have gone through, I can tell you that so much iron has been loaded on fire. The only thing left is to activate the digital talents, tech skills and entrepreneurship that would culminate in a new digital economy for Nigeria”.
Described as a huge success by participants, the two-day Tech Fair featured presentations on the leading technological innovations that cut across different aspects of life, such as Artificial Intelligence, Computing, Machine Learning, Blockchain, Robotics, Big Data, FinTech, Augmented Reality, Data Analytics, 5G and Communication Technologies, with the keynote address, “The Future of Banking: Digital Transformation Journey”, delivered by Brett King, the renowned futurist, bestselling author, award-winning speaker, Founder of Moven and Author of Bank 4.0.
The event also featured a goodwill message by Jim Ovia, CFR, Founder and Chairman of Zenith Bank and opening remarks by Ebenezer Onyeagwu, Group Managing Director of Zenith Bank Plc and Chairman of Body of Banks’ CEOs, Nigeria. Other eminent IT practitioners from top global brands who also made presentations include; Tarik Alatovic, Senior Partner, McKinsey; Juliet Ehimuan, West Africa Director, Google; Ola Williams, Country Manager, Microsoft Inc.; Andrew Uaboi, Vice President/Head, Visa West Africa; Mrs Rakiya Mohammed, Director of Information Technology, CBN; Chris Lu, Managing Director, Huawei Technologies Nigeria, and Dame (Dr.) Adaora Umeoji, OON, Deputy Managing Director of Zenith Bank Plc, amongst others.
The fair featured three panel sessions. The first panel, which examined “The future of payments: what next and how can we get there”, had Prof. Yinka David West of Lagos Business School as the host, with four discussants, including Agada Apochi, Managing Director, UPSL; Olu Akanmu, Managing Director, Opay; Premier Oiwoh, Managing Director, NIBBS; and Kari Tukur, V/P & Head of Products East/West Africa, MasterCard.
The second panel explored the theme “What are the main challenges of digital transformation in the financial industry? How do we solve them?”. It was hosted by Brett King and had four discussants, including Tosin Eniolorunda, Managing Director, TeamApt; Obi Emetarom, Managing Director, Appzone; Dr. Babatunde Obrimah, COO, FintechNGR; and Olugbenga Agboola, Founder/CEO, Flutterwave.
The third panel discussion, titled “Driving the global trade revolution with technology: current transformation trends”, was hosted by Samuel Eze, Founder/CEO, Ourpass, and had five discussants, including Mike Ogbalu III, Managing Director, PAPSS; Akeem Lawal, Divisional CEO, Interswitch; Massimiliano Spalazzi, Country Manager, Jumia; and Dr. Ozoemena Nnaji, Director of Trade & Exchange, CBN.
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