What you need to know
- Investors are warning of reduced holiday iPhone sales.
- JP Morgan has cut its sales forecast.
- The company has warned of chip shortages that have led to factory closures in some parts.
JP Morgan has cut its iPhone holiday sales forecasts, citing chip shortages and factory closures that could impact the production of the iPhone 13.
As the report notes, last week Needham also cut its iPhone 13 shipments estimates to 80 million for Q1 and slashed its holiday estimates by 10 million units.
Despite this JP Morgan still predicts Apple will bring in some $46 billion in smartphone revenue, higher than the Wall St consensus of $41 billion.
Just last week Bloomberg reported that Apple was cutting iPhone 13 production due to chip shortages:
Apple's quarterly fortunes are likely to be buoyed by the arrival of new AirPods 3 and the new MacBook Pro (2021), boasting awesome new Apple silicon in the M1 Pro and M1 Max, as well as a return of long-missed 'Pro' features including an HDMI port.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9
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