From Financial Modeling Prep: 2024-10-01 10:44:00

Apple Inc. (NASDAQ:AAPL) is rumored to have cut iPhone 16 production orders by 3 million units for the December quarter, indicating weak demand. This news caused Apple shares to drop over 3% today. Barclays analysts noted a 15% decline in global iPhone 16 sales year-over-year during the first week of availability.

Reduced wait times in the U.S. and China suggest softer demand for the iPhone 16 compared to its predecessor. Barclays maintains an Underweight rating on Apple, citing challenges like softer consumer spending and macroeconomic headwinds. The delayed rollout of Apple Intelligence could further impact demand in key markets like China and Europe.

Barclays projects iPhone sales to reach 51 million units for the September quarter, aligning with consensus estimates. However, they warn of increased risk for the December quarter if sales continue to underperform due to factors like slow AI adoption and limited hardware differentiation in the iPhone 16.



Read more at Financial Modeling Prep:: Barclays Warns of Weak iPhone 16 Demand, Shares Fa…