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The International Data Corporation (IDC) announced on Wednesday that worldwide smartphone shipments are expected to fall by 12% to 1.2 billion units this year because of low consumer spending due to economic crisis amid the coronavirus outbreak.
“What started as a supply-side crisis has evolved into a global demand-side problem. Nationwide lockdowns and rising unemployment have reduced consumer confidence and reprioritized spending towards essential goods, directly impacting the uptake of smartphones in the short term,” IDC’s Researcher for Worldwide Mobile Device Trackers Sangeetika Srivastava said in a statement.
Apple Inc (AAPL), Samsung Electronics Co Ltd (KRX), and most Chinese phone manufacturers were severely impacted by temporary shutdowns of smartphone factories in the United States, China, and Europe.
Apple saw an 8% decline in sales, dropping from the 44.5-Million sales in smartphones in the first quarter of 2019 to nearly 40.1 Million in the first quarter of 2020. The American technology company introduced iPhone SE 2020 and announced huge discounts on iPhone 11 in China to weather a plunge in global smartphone demand.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve ...
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