Analysts are trying to get a read on early iPhone 15 demand
Apple Inc. shares were falling toward their longest losing streak in nearly 21 months Friday as analysts continued to look for nuggets about early iPhone 15 sales trends.
The stock was off 1% in midday trading and on pace to decline for the sixth session in a row. That would make for Apple’s AAPL, -1.47% longest losing streak since the period that ended Jan. 27, 2022, when the stock fell for eight consecutive sessions, according to Dow Jones Market Data.
Apple shares were off 3.8% over the current six-session losing streak.
UBS analyst David Vogt wrote earlier this week that demand for Pro-level iPhone models has been declining relative to last year, based on his analysis of wait times in various countries.
In the U.S., wait times for Pro phones have fallen to 20 days, whereas they were at 27 days at this point last year.
“While there are catalysts for smartphone demand approaching with the holiday season and Singles’ Day in China, the upside for iPhones is somewhat limited considering the macro environment and the competitive landscape with Huawei’s Mate60 in China,” he wrote.
Amit Daryanani of Evercore ISI was a bit more upbeat based on his own look at Pro lead times, which “have been somewhat mixed,” in his view. He saw stable trends in the U.S., China and Japan relative to last week, while lead times in the U.K. and Germany fell by seven to nine days on average.
“The data points continue to point to stable demand for the iPhone 15 Pro and Pro Max models vs. a year ago across most geographies, while the lower-end models’ lead times saw big contractions this week,” he wrote.
Apple reports September-quarter earnings on Nov. 2 and could share more about iPhone 15 uptake then.