Verizon’s outlook on iPhone upgrades likely to affect Apple’s stock price
Verizon’s earnings report on Monday will be closely watched for clues on Apple’s upgrade cycle. Verizon, a major iPhone carrier, could offer valuable insights into whether consumers are eager to adopt new iPhones potentially featuring significant AI advancements. Verizon’s stock has risen 11% this year, compared to Apple’s almost 19% gain.
Reinhardt Krause for Investor’s Business Daily:
While an AI-driven iPhone upgrade cycle would be good news for Apple stock, it would be a negative development for Verizon, AT&T (T) and T-Mobile US (TMUS), Craig Moffett, analyst at MoffettNathanson, said in a report on Thursday.
Moffett says the wireless firms would face higher customer turnover. Also, because they subsidize the cost of iPhones in wireless promotions, the wireless firms would have higher equipment expenses, reducing free cash flow.
Verizon will host its earnings call with analysts Monday morning.
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MacDailyNews Note: Apple is scheduled to release third fiscal
quarter results and business updates on Thursday, August 1, 2024, after market close, right around at 1:30 p.m. PT / 4:00 p.m. ET. The compnay will hold a conference call with analysts thirty minutes later at 2:00 p.m. PT / 5:00 p.m. ET.
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