Key iPhone Supplier Warns Smartphone Demand will continue to fall

Murata Manufacturing Co. expects this year’s drop in smartphone sales to keep going well into 2023, led by a sharp downturn in China.

The company’s outlook has dimmed dramatically from a quarter ago when it looked forward to a bounce-back in Chinese demand after the end of Covid-19 lockdowns in major cities. Consumers in the world’s biggest smartphone market haven’t responded with a spending spree and Murata sees little prospect for a rally over the next year, President Norio Nakajima told.