Sony expects a delay in smartphone market recovery till 2024

Sony is not expecting the smartphone market to recover until 2024.

The Japanese company earlier projected that the smartphone market would recover in the second half of the year after Apple, Google and Samsung typically launch their new devices.

However, smartphone demand in China and the US has apparently continued to worsen. Even Apple is not expecting things to change with the launch of the iPhone 15 next month.

Apple expects September quarter year-over-year revenue performance to be similar to the June quarter. And the rumoured price hike for the iPhone 15 lineup could worsen the situation as consumers get turned off by higher prices.

Furthermore, Sony is reportedly facing manufacturing yield issues for the camera sensors of the iPhone 15 and is said to have approached TSMC for help with the production of certain components.

Despite all these, Sony has raised its full-year revenue and income outlook, but the company is crediting this to gaming and entertainment instead.

Source: Bloomberg