Recently leaked reports suggest that the iPhone X is finally going to be canceled. Neil Campling, co-head at international banking and finance group Mirabaud Securities revealed the details. He said that Apple wouldn’t be producing any new iPhone X as it will be canceled soon. He claims that Apple had overestimated the demands and has already produced enough units to fulfil the actual demands.
“The iPhone X is dead,” states Campling in a leaked note to investors. “The simple problem with X is that it is too expensive,” he said, in a subsequent interview with CNBC, “Consumers are turning their backs on high-priced smartphones.”
He also said that TSMC has been badly burnt by the experience causing inventory stockpiles to hit “record highs”. The Austrian Sensor maker AMS, will also face a decline of 35% in its revenue which is almost double of the expected 18%.
The industry experts had previously warned about the iPhone X. The numbers are not even expected to match the iPhone 7 and sales have been stagnant or falling since the iPhone 6 in 2014. KGI Securities’ analyst Ming Chi-Kuo warned everyone in January the iPhone X would be canceled.
Apple has already started working on plans to regain its customers by trying to refresh the iPhone lineup for 2018. We are already looking forward towards the highly affordable new iPhone X-variant, as well as price cuts for the second generation iPhone X and a cheaper-than-expected 6.5-inch iPhone X Plus.