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Baystreet Staf - Thursday, February 8, 2024
Apple Developing Foldable iPhones: Reports
According to multiple media reports, Apple (AAPL) is developing prototypes of at least two foldable iPhones as it seeks to boost sales of its flagship device.
Media outlets and technology-focused websites are reporting that Apple is in the early stages of developing clamshell style iPhones.
Given the early stage of development, it is unlikely that the foldable iPhones would be released this year or even in 2025, according to the reports.
However, Apple has discussed making foldable iPhones with its manufacturers in Asia and has also begun to source components for the devices.
News of the foldable iPhones comes as sales of Apple's smartphones stagnate amid rising competition from other providers around the world.
Apple's recent earnings report showed that sales of its iPhone declined 13% in China amid increased competition from domestic smartphone maker Huawei.
Apple derives 20% of its worldwide iPhone sales from China.
First released in 2007, the iPhone is now on its 15th iteration with only incremental changes made to the device in recent years.
Apple is reportedly looking to reinvigorate the device and its brand in coming years.
The stock of Apple has risen 25% in the last 12 months to trade at $189.41 U.S. per share.
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