Apple share price plummets amid fears that iPhone demand is dropping
15 November, 2018, 08:24 | Author: Kevin Carter
Estimates of Apple's "most affordable" 2018 model, the iPhone XR, has been cut by almost 30 million shipments, a famed Apple analyst has written in his research note.
"We think there is an inventory component that is still negatively affecting the supply chain", UBS said, indicating that Apple may be as many as 10 million units shy of what Wall Street had initially expected.
According to Lumentum's press release issued this morning they stated: "We recently received a request from one of our largest Industrial and Consumer customers for laser diodes for 3D sensing to materially reduce shipments to them during our fiscal second quarter for previously placed orders that were originally scheduled for delivery during the quarter", said Alan Lowe, President and CEO.
Hon Hai, known also as Foxconn, is among a bevy of companies that together crank out devices for Apple and just about every other major consumer electronics label. In other words, whether or not iPhone XR sales are above or below projections is arguably irrelevant as long as Apple keeps finding ways to boost revenue, which is clearly more important than how any one specific iPhone model is doing in the marketplace. Apple said it preferred to focus on the company's transition to a services company, with regular recurring revenue.
This year, Apple has taken steps to lengthen the amount of time iPhones can be used.
"Over the past 10 years, Apple's iPhone ASP has increased a dramatic $220, or 40%, reflecting its growing value to both consumer and business markets, but almost HALF of all that just came in FY18 alone, making a period of digestion now likely". After an outcry, the company offered cheap battery upgrades, extending the life of many handsets. The Street values net income growth much more highly than earnings per share growth, and thus Apple's aggressive share repurchase programme is not necessarily a value creator in the short term. The refreshed software can open the camera on older iPhones 70 per cent faster and the keyboard 50 per cent faster, compared with iOS 11, last years' update.
That could extend iPhone replacement cycles by six months to 3.2 years and push unit sales down by 6 per cent a year for three years, he estimated. Since the start of this month, the company's stock price has fallen 13.5%. Like most device makers, Apple prefers at least two suppliers for each component.
-With assistance from Ian King, Debby Wu and Stefan Nicola.
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