Apple reportedly is looking for a big production facility in Los Angeles, as the consumer electronics giant seeks to expand its Apple TV+ entertainment business.
Apple has told real estate developers it’s looking at several spots, and the size could top 500,000 square feet, knowledgeable sources told The Wall Street Journal.
A new production campus would accompany Apple’s current strategy, in which it leases soundstages for filming in the Los Angeles area and elsewhere in the world, the Journal said.
AppleTV+ began in 2019. Its hits include “Ted Lasso” and “The Morning Show,” but it’s dwarfed by Netflix and Amazon.com , the Journal notes. Now, the operation is growing.
Apple shares rose Tuesday after analysts at UBS raised estimates for the company ahead of its earnings report scheduled for next week.
UBS affirmed its buy rating and lifted its price target to $166 a share from $155. Apple traded at $146.79, up 3% at last check, and has climbed 15% in the last six months.
Strength in iPhone sales during a quarter when sales are seasonally lower led to the updated outlook. The forecast also comes in the face of supply-chain headwinds.
“Aggressive carrier promotions in the U.S. and strength in China should drive iPhone units to at least 44 million [in the June quarter], up almost 15% year over year and about 5% above our prior forecast,” said UBS analyst David Vogt.
As a result, he expects iPhone sales to increase 12% in the second half of the year from a year earlier.News Source: The Street