- Chinese consumers bought fewer Apple Inc AAPL iPhone 14 handsets in the early days of its availability than the product’s predecessor a year ago, Jefferies analysts, including Edison Lee, found.
- In the first three days of delivery, Apple’s latest smartphone series sales came to 987,000 units, 11% lower than comparable sales of the iPhone 13 family last year, Bloomberg reports citing Jefferies.
- It’s a rare double-digit decline for the iPhone, whose sales had been the most resilient in a Chinese smartphone market that’s seen its domestic leaders slump all year.
- The initial data suggested that iPhone 14’s sales may not be as strong as the pre-order levels indicated since pre-orders do not come with payment obligations.
- Smartphone shipments in China fell by almost a third to 19.1 million in July, adding to a year of dwindling sales in the world’s largest mobile market.
- Apple began assembling iPhone 14 devices in India, marking a boost to its supply chain diversification.
- Earlier, BofA analyst Wamsi Mohan indicated extended ship dates for the iPhone 14 Pro models versus last year’s pre-order cycle.
- iPhone 14’s ship dates were most elongated in China, where it kept the iPhone prices intact, expecting the growth to offset the ASP pressure from price and FX.
- Mohan also highlighted that the lower differentiation between iPhone 14 series and the Pro models suggested weaker overall demand for iPhone 14.
- Price Action: AAPL shares closed lower by 1.51% at $150.43 on Friday.
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