Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

KeyBanc survey data indicates weaker Apple iPhone sales in May

Published 06/09/2023, 08:34 AM
© Reuters KeyBanc survey data indicates weaker Apple (AAPL) iPhone sales in May
AAPL
-

KeyBanc Capital markets analysts told investors in a note Friday that "data reflects weaker Apple (NASDAQ:AAPL) iPhone sales in May, which were below normal seasonal trends."

The analysts stated that results from the firm's May monthly carrier survey indicate US iPhone sell-through remains muted, largely in line with lowered store expectations.

"Key First Look Data indicates sales of iPhones (-8% m/m, -14% y/y) were below historical seasonal trends. This likely reflects continued inflationary pressure impacts on consumer spending, partially offset by increased sales traffic from Memorial Day weekend and summer break," the analysts wrote.

"Feedback from our May carrier checks reflects generally muted demand trends for iPhone," they added. "Carrier stores indicate that while sell-through was relatively slower in the beginning of the month, sales traffic and demand picked up toward the end of the month driven by Memorial Day weekend and summer vacation for students."

Despite the survey results, KeyBanc views the results as neutral for the Apple supply chain as its "component unit assumptions already reflected slower iPhone demand in 2Q23 (-15% y/y)."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.