Citi has drastically cut its shipment forecasts for the iPhone X due to 'sluggish' demand. The company announced its expectations in an investor note obtained by Business Insider.
"We reduce our 1Q18E and 2Q18E iPhone build forecast mainly due to sluggish iPhone X demand. For 1Q18E, we now forecast overall iPhone shipment of 51m vs. 61m previously. We reduce 1Q18E iPhone X shipment to 14m from 27m. For 2Q18E, we trim total iPhone shipment to 40m from 48m previously as we revise down iPhone X shipment to 7m. Overall, we now model 1H18E total iPhone build of 92m vs. 85m in 1H17E, up 7% [year on year]."
It's believed that the iPhone X's $1000 price tag is preventing the super cycle that the device was once expected to spark. Citi's report follows several others that claim Apple has halved production.
Apple is rumored to be introducing a new 6.1-inch LCD iPhone this year that may be a cheaper and better selling alternative to the 5.8-inch model and expected 6.5-inch OLED model.
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