Stock Track | BYD ELECTRONIC Plummets 5.04% Intraday as Citi Cuts Smartphone Forecast Amid Memory Chip Shortages

Stock Track03-13 15:22

BYD ELECTRONIC's stock plummeted 5.04% during intraday trading on Friday, reflecting broader pressure on mobile phone supply chain companies.

The decline follows a research report from Citi that revised down its global smartphone shipment forecasts for this year and next to 1.04 billion and 1.17 billion units respectively. The bank cited memory chip shortages and rising prices, coupled with weak demand due to increasing inflation, as key factors behind the downward adjustment.

Citi's report noted that these challenges are impacting the entire consumer electronics sector, with the bank forecasting average selling price increases of 7%, 2%, and 3% for the respective periods, further pressuring consumer demand and supply chain profitability.

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