With the iPhone X not exactly selling like the hot cakes Apple thought they would, Apple’s supercycle hopes are starting to look more like they were sitting in a conceited dreamboat. Analysts at Citi rubbed salt to Apple’s wounds with their most recent forecast.
Writing to investors, Apple’s predicted units sold in the first quarter of 2018 is 14 million. Citi then proceeds to add that 14 million is the good news, because the second quarter is going to see quite a drop with only 7 million units sold, further worsening when you compare it to the 32 million that were sold in 2017. It feels like analysts are now competing to see how low the forecasts can go. Comparing to older forecasts that were considered pretty gloomy at the time, they now seem like a dream and honestly a best case scenario.
Citi’s exact analysis in part can be read below:
“We reduce our 1Q18E and 2Q18E iPhone build forecast mainly due to sluggish iPhone X demand. For 1Q18E, we now forecast overall iPhone shipment of 51m vs. 61m previously. We reduce 1Q18E iPhone X shipment to 14m from 27m . For 2Q18E, we trim total iPhone shipment to 40m from 48m previously as we revise down iPhone X shipment to 7m. Overall, we now model 1H18E total iPhone build of 92m vs. 85m in 1H17E, up 7% [year on year].”
With the iPhone X showcasing not much with an exorbitant price tag, consumers are not impressed. Apple’s users even decided to stay with their present model rather than upgrade to the iPhone X.