Just how bad are conditions in the smartphone market? We’ll get a better idea later Wednesday when Samsung announces its latest quarterly earnings.
Apple painted a pretty bleak picture for high-end smartphones on Tuesday when it reported slow sales growth and forecast its first drop in revenue in 13 years.
“We’re seeing extreme conditions—unlike anything we’ve experienced before—just about everywhere we look,” Apple CEO Tim Cook said on a conference call.
Samsung has already signaled it doesn’t expect great results. The smartphone market leader said earlier this month that revenue will be essentially flat and analysts expect a slide of 8.5 percent in net profit.