Apple stock drops after Rogers CEO says iPhone 8/Plus demand ‘anemic’

“Apple Inc’s shares fell nearly 3 percent on Thursday on signs of weak demand for the iPhone 8 that caused analysts and investors to question the company’s staggered release strategy for its latest phones,” Supantha Mukherjee reports for Reuters.

“Wireless carriers in the United States and Canada have reported slow third-quarter customer upgrades,” Mukherjee reports. “The chief executive of Rogers Communication, Canada’s largest mobile network, on Thursday said appetite for the iPhone 8 and 8 Plus, which went on sale in September, had been ‘anemic.'”

“The uncertainty about demand coupled with a Taiwan media report of a cut in iPhone 8 production pushed Apple shares down 2.8 percent by midday,” Mukherjee reports. “A carrier store survey suggested the cheaper iPhone 7 was outselling its successor just a month after iPhone 8’s launch, KeyBanc Capital Markets analyst John Vinh said this week.”

Read more in the full article here.

MacDailyNews Take: Gee, wonder why?

Be fearful when others are greedy, and be greedy when others are fearful. — Warren Buffett

Given that those who are not waiting for iPhone X (the vast majority of Day One newest-release iPhone buyers are waiting for iPhone X) are much more likely to be price sensitive consumers, it is wholly unsurprising that they are choosing the less expensive options, iPhone 7/Plus. We expect iPhone 6/Plus units are also selling well downmarket.

Jim Cramer: The action in Apple’s stock is a lesson on buying into weakness – October 17, 2017
Analyst: Apple’s iPhone 7 is outselling iPhone 8 – October 16, 2017


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