0400 GMT - Citi lowers earnings forecasts for Apple's Chinese suppliers on expectations for lower iPhone shipments. Citi expects global iPhone shipments to decline 1% in 2025 to 226 million due to the anticipated slowdown in the world economy, before recovering slightly to 232 million in 2026. It has yet to factor in the possibility that Apple might raise iPhone retail prices to pass tariff costs on to consumers. Although suppliers would not pay tariffs themselves or accept price cuts to share the tariff cost burden, the analysts still think their profitability will be hit. Lower Apple product shipments will weigh on utilization rates, and tariff shifts could cause production disruption, they say. Citi lowers 2025 net profit estimates for AAC Technologies, BYD Electronic and Cowell e Holdings by 14%, 14% and 10%, respectively. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
April 22, 2025 00:01 ET (04:01 GMT)
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