“Apple shares are not likely to beat the market as iPhone sales will disappoint again, according to Goldman Sachs,” Tae Kim reports for CNBC. “Goldman initiated coverage for Apple shares with a neutral rating, predicting the smartphone maker will report sales below expectations for the June quarter.”

We balance our positive view on longer-term iPhone revenue growth … with weakening near-term datapoints on iPhone X demand, which we think will likely weigh on shares ahead of the FQ2 earnings report. In particular, we see downside to consensus iPhone revenue forecasts in the June quarter and believe shares are unlikely to outperform while risk of estimates revisions remains. — Goldman analyst Rod Hall

Kim reports, “The analyst predicts the percentage of iPhone users upgrading their phones will decline to 35 percent in fiscal 2018 and 33 percent in fiscal 2019 from 36 percent in fiscal 2017.”

Read more in the full article here.

MacDailyNews Take: iCal’ed for future use.

During the quarter, we sold 77.3 million iPhones, the highest number ever for a 13-week quarter. Average weekly iPhone sales were up 6% compared to December quarter last year with growth in every region of the world despite the staggered launch of iPhone X… iPhone X was the best-selling smartphone in the world in the December quarter according to Canalys, and it has been our top selling phone every week since it launched. iPhone 8 and iPhone 8 Plus rounded out the top three iPhones in the quarter… The iPhone X was the most popular and that’s particularly noteworthy given that we didn’t start shipping until early November, and we were constrained for a while. The team did a great job of getting into supply demand balance there in December. But since the launch of iPhone X, it has been the most popular iPhone every week, every week sales. And that is even through today, actually through January.Apple CEO Tim Cook, February 1, 2018