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Apple Preparing For iPhone 14 Launch On September 7 - Report

Bloomberg reported late Wednesday that Apple is eyeing a September 7 launch date for its new iPhone 14 series.

Updated at 9:41 am EST

Apple  (AAPL)  is reportedly preparing to launch its latest series of iPhones early next month as the tech giant looks to defy a slump in global smartphone demand.

Bloomberg reported late Wednesday that Apple will host a launch event for the iPhone 14 on September 7 -- just two days after the group expects employees to return to the office -- as it looks to unveil a series of new products, including lines of the Apple Watch, Mac and iPad, for the holiday season. Apple store employees, Bloomberg said, are expected to prepare for the iPhone 14 release on September 16.

Apple has been preparing for ongoing iPhone demand this year, despite a pullback in global consumer sentiment and a cautious outlook from its main assembler Foxconn earlier this month. 

Foxconn said it sees current-quarter smartphone revenues to come in flat to last year, citing "geopolitics, inflationary pressure and the Covid pandemic", with support from solid demand in its cloud and networking products divisions. Apple typically accounts for around half of Taiwan-based Foxconn's annual revenue.

Apple expects its assembler base to make 220 million iPhones this year -- on pace with 2021 levels -- and told investors in July that overall revenue growth in the current quarter would likely outpace gains over the three months ending in June.

Apple shares were marked 0.27% lower in early Thursday trading to change hands at $174.07 each. The stock has risen around 33% from its mid-June lows, compared to a 21.5% gain for the benchmark Nasdaq Composite.

Late last month. Apple declined to provide detailed September quarter revenue guidance following its better-than-expected third quarter earnings, but said overall revenue growth would likely outpace gains over the three months ending in June.

Apple said solid China demand, as well as a muted supply chain hit, helped iPhone revenues rise 2.8% from last year to $40.67 billion over the June quarter, just ahead of the $40.5 billion Street forecast and just under half of its overall revenues.

Overall, Apple earned more than $19.44 billion for its fiscal third quarter, as revenues rose 2% from last year to $82.96 billion, just ahead of analysts' estimates of $82.88 billion.