Murata Manufacturing 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 bounceback 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 said in an interview.
¡°The momentum will not come back at least during fiscal 2022 and the situation is not that positive going into the next term,¡± Nakajima said. ¡°Demand for consumer electronics has dropped drastically and these Chinese makers are not feeling well.¡±
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