Apple’s iPhone revenue is likely to fall 2% in its current fiscal year on an annual basis, UBS analyst Timothy Arcuri said in a new report.
The decline, which would be just the second-ever annual iPhone revenue decline, is being driven by weak demand for the new iPhone XR, Arcuri said.
But Apple is facing other headwinds, including a decline in its reputation and a maturing global smartphone market.
Apple will likely post its first annual decline in smartphone revenue in three years in its current fiscal year, and it can blame the drop on it its new iPhone XR model.
The company’s iPhone revenue is set to fall about 2% in its 2019 fiscal year from the year before, said UBS financial analyst Timothy Arcuri in a new report. Apple’s fiscal years end in September.
The expected decline is due to a global drop-off in demand and tepid consumer interest in the XR, he said, warning that Apple’s actual iPhone sales could be even worse than he’s now forecasting.
“We have reduced expectations for iPhone XR and continue to see downside risk on a rolling basis to our forecast,” Arcuri said.
As part of his report, he reduced his price target on Apple’s …read more
Source:: Businessinsider – Finance