Firsthand checks and carrier surveys suggest Apple Inc. (NASDAQ: AAPL) is seeing “stable” sales of iPhone 8 and iPhone X devices, according to KeyBanc Capital Markets.
KeyBanc analysts John Vinh and Michael Lin commented on Apple’s iPhone sales in a Monday note.
KeyBanc’s checks and surveys with cell phone carrier stores across North America and Europe suggest sales of iPhone 8 and iPhone X devices are in-line with expectations, the analysts said in a research report.
Sales of the iPhone 8 and iPhone 8+ continue to outpace the iPhone X, but the spread in sell-through between the two devices “did narrow somewhat” in May as the iPhone X saw “slightly better” demand, Vinh and Lin said.
The days of inventory for the iPhone 8 and iPhone X remain flat at around five days, the analysts said. Current inventory levels remain “healthy,” which made the analysts “incrementally more constructive” ahead of the upcoming iPhone 9 cycle.
Feedback from carrier stores indicates that store shipments of Galaxy S9 devices “declined significantly” amid “bloated inventories,” Vinh and Lin said. A large month-over-month decline in sell-through of the S9 was seen in May, which is also contributing to “continued headwinds” for supply chain partners, according to KeyBanc.
Apple shares were trading 0.14 percent higher at the time of publication Tuesday morning.
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Photo courtesy of Apple.
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