Citi analyst lowers iPhone sales forecast, cutting iPhone XS Max shipments by almost half
Citi Research analysts are dramatically lowering their iPhone sales forecasts, cutting iPhone XS Max shipments by 48 percent for the first quarter of 2019, reports Reuters.
The updated sales prediction sees Citi cut the overall iPhone shipment forecast by 5 million to 45 million for the quarter, following in the footsteps of others such as Ming-Chi Kuo who earlier in the month reduced his iPhone shipment estimates for the first quarter of 2019 by 20 percent, expecting Apple to sell between 38-42 million iPhones in the quarter, down from his original estimate of 47-52 million devices.
William Yang from Citi Research explained in a client note that they believe iPhone is entering a destocking phase, prompting the firm to cut their forecast so harshly.
The material cut in our forecasts is driven by our view that 2018 iPhone is entering a destocking phase, which does not bode well for the supply chain.