Bible 4Q21: Smartphones: 5G adoption in the high-end driving semi revenues growth
Our Tech Bible is a must-read for any tech investor. It wraps up all what the >120 companies we track have reported and said and provides an update on our key perspectives and convictions, in light of what we learnt.We publish today the first section on smartphones. In 4Q21, shipments were still down YoY and vs pre-Covid levels. Most observers exclusively attribute this weakness to supply constraints, calling for an improvement by 2H22. 5G penetration doubled in 2021, which, with revenues per 5G smartphone also increasing resulted in very solid semiconductor revenues growth. Consensus expectations for 2022 have continued to climb up and now correspond to 5G penetration increasing ~20pts and stable revenues per smartphone. It is very optimistic.
Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The company's products include: iPhone; Mac; iPad; and wearables, home and accessories, which includes AirPods?, Apple TV?, Apple Watch?, Beats? products, HomePod?, iPod touch? and other Apple-branded and third-party accessories. The company's services include: digital content stores and streaming services; AppleCare, which includes AppleCare + (AC+) and the AppleCare Protection Plan; iCloud, which is the company's cloud service; licensing; and other services, which include Apple Arcade?, Apple Card?, Apple News+, and Apple Pay, a cashless payment service.
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