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Goldman Sachs cuts Apple for third time in a month

21 November, 2018, 19:46 | Author: Lawrence Cooper
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With investors speculating that all these signs pointed to weakness in new iPhone sales, the Journal's sources detailed that Apple in October cut its production plan for iPhone XR, the cheaper model, by up to a third of the almost 70 million units it had asked some suppliers to produce between September and February.

Another important factor to consider is the fact that there's apparently a "lower-than-expected demand for the new iPhones", claims the report.

Production requirements reportedly were thrown off by low demand among consumers and by Apple's decision to offer three new models - the Cupertino company had released two models each year until 2017.

Apple shocked investors a few weeks ago with a sales forecast for the Christmas quarter below Wall Street expectations, prompting certain suppliers to issue warnings that pointed to weakness in new iPhone sales.

Overall for the fourth fiscal quarter, Apple reported revenue of US$62.9 billion, up 19.6 percent from US$52.58 billion a year earlier. He has a neutral rating on the stock. The last quarter of the year is often the best performing quarter for Apple with more than 70 million units sold.

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"Apple's success with iPhone X demand this summer and then a relatively healthy start to the XS cycle this fall suggested to us that pricing power was still intact".

Shares have been under pressure recently - down more than 20% from its October peak - amid Apple's waning iPhone demand.

Lumentum Holdings, AMS AG, companies which supply Apple with software needed for its FaceID technology, also lowered their forecasts.

Shares of Apple Inc have surged 9.83% so far in 2018 compared with a 0.64% gain for the benchmark index, S&P 500 (SPX). Apple also has its services business to help continue to grow revenue even if the iPhone falters. Apple's stock also fell this month due to the lower sales number, in addition to Apple no longer revealing the device unit sales.

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