Foldable Smartphone Panel Shipments Expected to Be Down Big in Q4’22
We had expected Q4’22 foldable panel shipments of 5.4M based on supplier surveys, but we are now seeing 2.9M, a 46% reduction as shown in the chart below. Q4’22 foldable panel shipments are expected to be down 54% Q/Q and 26% Y/Y. Sell through of the Z Flip 4 and Z Fold 4 have been below expectations. The iPhone 14 Series has sucked up most of the attention and sell-through and the Z Fold 4 price of $1799 remains too high in this environment. As a result, both the Z Fold 4 and Z Flip 4 are expected to be down Y/Y vs. the Z Fold 3 and Z Flip 3 in Q4, in fact, they are expected to be down big as you can see in the chart below. However, they were up in Q2 and Q3 and should be up for 2022, but only in the mid-single digits. Also weighing on Q4’22 foldable panel shipments are a number of Chinese models ramping slower and/or later than expected.