Apple sidelines Goldman Sachs and goes in-house for lending service (US.AAPL) - 09 iunie 2022
Apple is making its biggest move into finance by offering loans directly to consumers for its new buy now, pay later product, taking on a role played in its other lending services by banking partners such as Goldman Sachs.
Goldman is facilitating Apple Pay Later by allowing Apple to access Mastercard’s network, since the iPhone maker lacks a licence to issue payment credentials directly. But Apple is handling the underwriting and lending using its new subsidiary. In a statement, Goldman said it was “excited about our partnership with Apple, which will only continue to grow”.
“Overall production of hardware could gradually resume to normal levels in June/July, with a brighter outlook for Apple’s supply chain than Android, while semiconductor would see more demand problems than supply,” Credit Suisse research analyst Edmond Huang and a team said in a report Monday.
Last week, iPhone supplier Foxconn said the impact of China’s Covid controls wasn’t as bad as expected, and that the company’s full-year outlook was better than what was expected at the beginning of the year.
Both Bank of America and Credit Suisse analysts said the greater problem for Android suppliers is their reliance on the China market and falling domestic demand for smartphones.
https://www.ft.com/content/fc4eeb5c-479a-4daf-9f8b-808ee937530f