IT major Tech Mahindra reported a significant drop in its net profit for the March quarter, with a year-on-year decline of 41%. The company’s net profit stood at ₹661 crore in the quarter ending March 2023, marking a sharp decrease from ₹1,117.70 crore reported in the same quarter last year. This financial setback has cast a shadow over the company’s performance, as it navigates the challenges of the global economic landscape.
Analysts at Barclays have projected that Apple’s March quarter results will align with expectations but have expressed concerns that the company’s guidance for the June quarter may fall short due to declining hardware demand. They forecast a modest dip in iPhone revenue, balanced by marginal gains from iPad and Mac sales, along with stable Services growth. However, their primary worry lies in the June quarter, where they believe iPhone sales could miss expectations due to weakening demand. Their estimates indicate potential year-over-year declines in average selling prices, particularly in China, where iPhone 15 sales have seen double-digit drops. Barclays also remains cautious about the impact of the upcoming iPhone 16, not expecting significant design changes or major advancements in AI applications before 2025.
