© Reuters KeyBanc survey information signifies weaker Apple (AAPL) iPhone gross sales in Might
KeyBanc Capital markets analysts instructed traders in a word Friday that “information displays weaker Apple (NASDAQ:) iPhone gross sales in Might, which had been beneath regular seasonal developments.”
The analysts acknowledged that outcomes from the agency’s Might month-to-month provider survey point out US iPhone sell-through stays muted, largely consistent with lowered retailer expectations.
“Key First Look Knowledge signifies gross sales of iPhones (-8% m/m, -14% y/y) had been beneath historic seasonal developments. This seemingly displays continued inflationary stress impacts on shopper spending, partially offset by elevated gross sales site visitors from Memorial Day weekend and summer season break,” the analysts wrote.
“Suggestions from our Might provider checks displays usually muted demand developments for iPhone,” they added. “Service shops point out that whereas sell-through was comparatively slower at first of the month, gross sales site visitors and demand picked up towards the tip of the month pushed by Memorial Day weekend and summer season trip for college kids.”
Regardless of the survey outcomes, KeyBanc views the outcomes as impartial for the Apple provide chain as its “part unit assumptions already mirrored slower iPhone demand in 2Q23 (-15% y/y).”
