Apple Downgraded to Hold at HSBC on Slowing iPhone Growth

The transcript discusses Apple's current market position, highlighting a deceleration in growth and challenges in emerging markets. It emphasizes the potential shift from hardware to services as a future growth driver, noting that services are more profitable. The discussion also covers Apple's strong position in the US market, driven by consumer confidence, but highlights challenges in emerging markets like China and India due to competition from local brands. The transcript concludes with a note on market saturation and the shift from recruitment to replacement cycles in developed markets.

What is the main reason for the deceleration of Apple's revenue growth?

• Lack of innovation in software

• Increased competition from Android devices

• Decline in global smartphone demand

• Challenges in the core hardware business

How is Apple's management planning to shift investor focus?

• By reducing prices of existing products

• By providing more disclosure on services

• By increasing the number of iPhone models

• By expanding into new hardware categories

Which market is Apple particularly optimistic about?

• Indian market

• US market

• European market

• African market

What cycle is the developed market moving towards according to the transcript?

• Recruitment cycle

• Innovation cycle

• Expansion cycle

• Replacement cycle

Which companies are identified as major competitors to Apple in emerging markets?

• Sony and Panasonic

• Samsung and LG

• Nokia and Ericsson

• Huawei, Oppo, Vivo, and Xiaomi