According to Wedbush analysts Daniel Ives and John Katsingris, demand for Apple’s iPhone this quarter has remained “surprisingly resilient” despite the widespread supply chain issues, rampant U.S. inflation, and the Chinese Communist Party’s quixotic “zero-COVID” lockdowns.
Summing up their research findings in a new investor note, the market analysts said Apple’s flagship devices had been holding up well despite “compression across the board in tech” and fears of a growth slowdown rising, as reflected in Apple’s reduced share price.
The albatross for the June quarter in our investor conversations over the past month have naturally been the Covid lockdowns in China which will negatively impact revenue by between $4 billion and $8 billion as a headwind according to Cook & Co.’s guidance given last month.
As of now we believe iPhone demand is holding up better than expected (despite the various supply issues that have plagued Apple and the rest of the tech sector) and are trending better than management’s guidance thus far in the quarter.
MacDailyNews Take: Apple poised to beat lowered expectations? We’ll drink to that!
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