More analysts are piling-in on reports of disappointing sales of the iPhone X, downgrading their estimates of 2018 iPhone sales.
Business Insider got sight of a couple of analyst notes yesterday and today, one each from Longbow and Nomura …
Yesterday’s report says that Longbow Research expects flat or declining sales for much of the year.
While lower-than-expected sales have so far been offset by the high price of the iPhone X, Longbow doesn’t expect that to continue.
The firm has now lowered sales estimates for the full year, predicting growth of 2%, below Wall Street expectations of 3%.
A new report today says that Nomura takes the same view, lowering its own full fiscal year iPhone sales estimates from 226M to 221M. The firm expects a big hit this quarter.
Fellow Nomura analyst Jeffrey Kvaal believes that the high price of the iPhone X isn’t sustainable.
The reports follow another pessimistic one from Citi earlier this month, the firm predicting that iPhone X sales will be 14M this quarter and 7M in Q2.
“One factor that is likely suppressing the smartphone market is price. We see several indications the market elasticity is falling. Obviously, Apple’s iPhone ASPs have climbed from $645 in FY16; we model $742 in FY18. We do not believe it is coincidence that the highest end of the product portfolio, the X, is the model that is flagging.”
Photo: Peter Nicholls/Reuters
