Apple’s sales of iPhones are reportedly running lower than historical trends, while store inventories are up.
Among the devices, there has been healthy demand for the iPhone 15 Pro and Pro Max — but this has only partially offset slower sales of the iPhone 15 and Plus, Seeking Alpha reported Tuesday (Nov. 21), citing data from investment firm KeyBanc Capital Markets.
At the same time, store inventories of the devices are higher than those for the iPhone 14 were last year, according to the report.
The report attributed the dip in sales to a lack of new products in October and an iPhone release that came later than usual, the report said.
“We continue to believe that lower upgrade rates and softer customer demand will pressure hardware revenues for the [first fiscal quarter],” KeyBanc analysts said, per the report.
Apple reported on Nov. 3 that the iPhone, which is its primary revenue generator, saw an increase in sales during the September quarter and is expected to continue this trend in the last three months of 2023.
Speaking during the company’s quarterly earnings call, Apple CEO Tim Cook sought to allay concerns about the company losing market share in China to competitors like Huawei. He stated that the iPhone 15 models set a quarterly record for sales in mainland China during the September quarter.
Apple has also made gains in the Indian smartphone market, surpassing 2.5 million units and recording its highest-ever quarterly shipments there in the third quarter.
The company has capitalized on the growing demand for smartphones in India by focusing on the premium segment and introducing attractive financing offers, global research firm Counterpoint said when announcing these Indian sales figures on Nov. 1.
In other news around the device, it was reported on Thursday (Nov. 16) that Apple plans to adopt the technological standard known as RCS (rich communication services), which will allow smoother text messaging between iPhone and Android devices.
There is a possibility that Apple will incorporate the technology into the upcoming iOS 18 release. The decision marks a significant change for the company, which had previously resisted adopting RCS despite pressure from industry players like Google.