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Apple's stock price has been exceptionally bad this year. While the once-hot share price is up 24%, the Nasdaq is up 40%. Many experts believe that the two reasons for the trouble are the lukewarm response of the iPhone 15 and domestic sales in China. iPhone sales will need to grow rapidly in 2024 for the stock price to return to normal.
According to technology research firm IDC, iPhone sales in 2023 will be 234.6 billion units. This is an increase of 37%。To impress Wall Street, iPhone sales need to be higher this year, and surprisingly high. Apple needs to sell 2500 million iPhones.
Apple's recently released quarterly report shows the extent of the problem. Total revenue grew just 2% to $199.6 billion. Although this has made Apple one of the largest companies in the United States, its revenue growth has been in double digits for years.
A major issue has been raised domestically. In the most recent quarter, sales in Greater China fell from $23.5 billion to $20.8 billion. Apple faces a large number of homegrown competitors, including vivo, oppo, and Huawei. Each has a double-digit market share.
iPhone sales also underperformed in the most recent quarter. Revenue increased from $65.8 million to $69.7 million. iPhone revenue accounts for nearly 60% of Apple's sales.
Apple launches** the iPhone every September. Recently, skeptics have said that each new iPhone is no longer much different from the model it replaces. Many people can't tell the difference in camera quality or processor speed. Apple may survive on loyalty to its brand, but it will most likely not last indefinitely.
What does the next iPhone need to have for Apple to sell 2 this year500 million iPhones. It's almost certain that it needs to be driven in part by artificial intelligence. Most technologies will soon have AI software components. Cameras and processors need to be better.