China‘s frail growth could weigh on companies with exposure to the world’s second-largest economy, including Apple, big chipmakers and luxury retailers as they report quarterly results in the next few weeks. | Reuters
Upcoming reports from NXP Semiconductors NV on July 24 and Texas Instruments on July 25 will serve as barometers for chip demand.ADVERTISEMENT
Analysts estimate NXP reporting a 3.2- percent drop in quarterly revenue, with Texas Instruments’ revenue tumbling 16 percent, which would be its steepest drop since 2009, according to Refinitiv. Credit Suisse Chief U.S. Equity Strategist Jonathan Golub said in a report this week that weakness inCorning Inc, whose Gorilla glass is used in smartphones made by Apple and Samsung Electronics, is expected on July 25 to report a 21- percent drop in adjusted net income, according to Refinitiv.
The specialty glass maker blamed “anticipated recession-level demand” for weak results in its previous quarterly report last April.Apple, the world’s most valuable company, saw its sales indip 2.9 percent in its March quarter, worse than the 2.5 percent drop in overall revenue. Analysts on average see the iPhone maker’s revenue falling 1.7 percent to $81.6 billion for the June quarter, which would be the lowest in two years, according to Refinitiv.
Coffee maker Starbucks in May reported quarterly results that beat estimates, powered by recovering demand in
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