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Shares of Apple Inc. (AAPL) edged up on Tuesday as equities remain at the same level since their worst month in more than two-and-a-half years as Goldman Sachs analysts reduced their sales estimates. 39, iPhone and Group sales of technology giant 2019 fiscal year.
Goldman has reduced its iPhone unit sales forecast by 6% for the entire year and has reduced its revenue forecast by 3.5%, after one of the leading suppliers Apple, Lumentum Holdings (LITE), issued Monday a profit warning that divided nearly one-third of the component. market value of the manufacturer and resulted in a 5% decline for Apple which resulted in the Dow Jones Industrial Average in a 500-point drop. Goldman also reduced its price target on Apple from $ 222 to $ 222 per share to $ 209.
"We are worried that the final demand for new iPhone models will deteriorate," Goldman analysts wrote. "Although Apple may have already considered some weaknesses in its forecasts, we believe that the timing and scale of the LITE reduction suggest … progressively poorer demand data."
Apple stocks, however, grew by 0.21% to around 17% and yield to about 17% down since the peak of October 4, valuing the Cupertino group in California, about $ 920 million.
"We recently received a request from one of our largest industrial and consumer customers for laser diodes for 3D sensing to significantly reduce the shipments that were sent to them during our second fiscal quarter for orders previously passed whose delivery was originally scheduled for the quarter, "said Alan, CEO. Lowe. "With our proven ability to deliver large volumes, years of experience, hundreds of millions of field devices and new products and customers, we remain confident in our leadership position in the nascent market laser diodes for 3D detection. "
Earlier Monday, Japan Display, another Apple supplier, which manufactures LCDs, cancels its annual growth and margin forecasts after recording a sixth consecutive quarterly loss of 4.7 billion yen ($ 413 million) for the quarter ending in September.
Last week, Apple's shares were impacted by a report in the Nikkei business daily that Taiwan-based key suppliers told Foxconn and Pegatron they had been asked to suspend new production capacity until the demand for iPhone XR is clearer.
The reports follow Apple's decision to no longer provide detailed figures for the sale of its individual products, such as iPhones and Mac computers, which means investors will no longer be able to calculate their selling price. medium, a key measure used to evaluate the performance of the company. profitability.
The decision to remove these forecasts, along with sales forecasts of about $ 91 billion for the December quarter ending December 31, overshadowed the stronger-than-expected September quarter, which posted better earnings. than expected $ 2.91 per share and per group. $ 62.9 billion in revenue, and shares sent tumbling more than 6.3% Friday, the largest decline in a day since 2014.
"The lack of transparency is disappointing and will likely limit the investor's visibility on the company," said Tim Long of BMO Capital Markets. "We remain of the opinion that units might not increase at all and that even though (average selling prices) continue to rise, they will stabilize at some point."
Apple launched in early September the LCD version of 6.1 inches of its iPhone, the XR, about 750 USD. The latter was a cheaper alternative to the more expensive iPhone XS, the XS Max, which cost 1,000 and 1,100 USD respectively.
"If we do not anticipate that the new lineup will drive unit volume growth to levels seen over the iPhone 6 cycle, due to an already developed smartphone market, revenue should still record a very good growth thanks to the steady rise in average selling prices, with mid-range iPhone customers likely to switch to the XR and high-end buyers opting for the new iPhone XS Max (the best models cost $ 1,450) ", said Trefis analysts.
Apple announced it had modified 46.9 million iPhones during the three-month period ended in September, a figure largely in line with analysts' forecasts, but flattered by an average selling price of 793 USD, although higher than expectations, exceeding the USD 751 consensus. increased by 28.3% compared to the same period last year.
The Services business figure, including sales of the App Store, Apple Music, iCloud Storage and Apple Pay, grew by 27% to $ 10 billion. dollars, but slowed compared to the 31% recorded in June, a slowdown that could have been affected by the slowdown in iPhones sales. this reduces the so-called installed base.
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