Analyst lowers prediction of iPhone XR shipments by as much as 30%
13 November, 2018, 20:17 | Author: Regina Silva
Lumentum executives told investors at a UBS Group AG conference in San Francisco that the customer asked to cut 3-D component shipments just days ago after having requested expedited orders in recent weeks.
"The legacy iPhone models forecast is likely to increase significantly thanks to more affordable prices; the total iPhone shipments in 1Q19 are likely to see a YoY decline", Kuo continued, citing Career and Nissha Printing as two suppliers that might be affected by Apple's cuts.
Analysts said that this could only refer to Apple.
JP Morgan analysts weighed in by cutting their price target for Apple by $4 to $270 pointing to poor orders for the new iPhone XR.
This isn't the first sign of bad news for the latest iPhones.
The slide may also reflect concerns that Apple knows that iPhone unit sales are going to go negative in the short-term, which is why it made a decision to stop reporting unit sales.
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Behind this front on Tuesday , more lake effect snow is likely with the best chance of significant accumulation west of US-131. We'll keep an eye on this event, as this particular model may be going a little on the low side with forecast amounts.
Shares of Lumentum plummeted a record 30 per cent while Apple dropped as much as 4.1 per cent. Oclaro Inc., which is being bought by Lumentum, lost 11 per cent, on track for its biggest drop since April. The company said that it received reduced orders from a major tech firm that is one of its largest customers for 3D sensing components. These two companies are also Apple's 2nd and 3rd largest suppliers of VCSEL arrays - behind Lumentum - for augmented reality applications.
'Although Apple has positioned itself as a super-expensive handset maker providing high-end products, its strategy has not been working in emerging markets including China and India as Chinese vendors have been making iPhone-like products'.
Kuo last month predicted that more people would upgrade to the iPhone XR this year and that the Cupertino-based giant would sell its cheaper model better than the iPhone XS and iPhone XS Max.
Analysts interpreted the move as an indicator that Apple may have 'something to hide'. He also noted the latest version of iOS improved the performance of older iPhones.
"Longer-lasting products could lead to higher customer satisfaction, potentially enable Apple to charge higher prices for its devices, and would help fulfill the company's environmental objectives", Toni Sacconaghi, an analyst at Sanford C. Bernstein & Co., wrote Monday in a note to investors. For a decade, the iPhone has been the bellwether of a booming smartphone market.
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