Sony Group Corp. does not expect the smartphone market to recover until 2024 at the earliest, after assessing demand in China and the United States, writes Bloomberg.
“The recovery of the smartphone market in China is slower than we expected and conditions in the US market are worsening,” Sadahiko Hayakawa, a senior general manager for finance, said.
Until now, the company has predicted a recovery in global phone sales in the second half of this fiscal year. But now it joins other technology companies that have recently warned of sluggish demand.
“We had expected the smartphone market to start recovering from the second half of this fiscal year, but now we expect that would not happen until at least the next year.” added in Sony.
It was previously reported that Sony plans to continue production smartphones in the foreseeable future. The company extended its multi-year agreement with Qualcomm to use the Snapdragon platform for its smartphones, allowing the manufacturer to use the most advanced processors.