iPhone 11 Sales Demand Boom Ahead Of Q4 Results
Demand for the iPhone 11 has reportedly exceeded Apple’s estimates ahead of their fourth-quarter results due to price drops and aging models.
Bloomberg reports that Apple, having previously asked suppliers to produce 70 to 75 million units for 2019, is now pushing for the larger target, as demand for the iPhone 11 increases.
Shannon Cross of Cross Research attributes the current growth in demand for the 2019 smartphone to falling prices and aging iPhones.
Tim Cook had previously told German newspaper Bild that iPhone 11 sales had a “very strong start” which saw a 1.9% boost in the Apple share price.
Apple is seemingly flying in the face of an expected 3.2% decline in the smartphone market according to Gartner, as Sanford C. Bernstein analyst Toni forecast Apple to sell about 368 million iPhones in 2019 and 2020 despite the downturn.
However, estimates for Q4 are down 13% from last year, with Sacconaghi expecting Apple to ship only 40.9 million iPhones for the period.
Fortunately for Apple, Telsyte suggest the lack of a 5G iPhone will eventually lead to a ‘supercycle’ in 2020, as consumers replace their 4G handsets.
Data from Mixpanel Inc support this prediction with data revealing about 350 million iPhones ‘primed for an upgrade’ as more than 40% of owners are using models from before 2017.