Apple might manufacture 116 million iPhones in the first half of the fiscal year 2020, according to an estimate by Cohen & Company Inc. analyst Krish Sankar. The figures rely heavily on the growing demand for the upcoming low-cost iPhone SE 2, along with continued interest in the iPhone 11 lineup. Rumors have claimed that the upcoming low-cost iPhone may debut as iPhone 9.
According to Cohen’s previous estimate, Apple produced close to 70 million iPhones in the final quarter of 2019. About 52 million or 74 percent of the total figure were the iPhone 11 and the iPhone 11 Pro. The company is expected to build around 46 million iPhones in the first quarter of 2020, out of which 6 million are expected to be the forthcoming iPhone SE 2 / iPhone 9 handset.
It is said that the demand for the new iPhone 9 will be high if Apple manages to price it within the $500-mark, which Sankar claims is extremely likely. Sankar estimates the low-cost iPhone will be priced at $475, at par with the launch price of the 1st generation iPhone SE. Apple had designed the original SE around the then flagship iPhone 6S, and the device is still manufactured in India.
Sankar further estimates Apple will produce over 43 million iPhones in Q3 2020, to meet rising demands at the onset of the holiday season. Sankar valued Apple’s future stock pricing at $350 based on Services and the upcoming lineup. The Apple iPhone SE 2 and the 5G-ready iPhone 12 are expected to further boost sales in the second half of 2020. Apple’s steady service growth also plays a crucial role in bumping share prices.
According to Sankar, “High demand for the iPhone 11 coupled with a steady bullish sentiment in the smartphone market is expected to pump up Apple’s stock prices in the calendar year 2020. Notable mentions include the SE 2, despite chances of cannibalization with some of the older models, and the introduction of 5G handsets. Revenue from services is expected to grow with gross margins over 60% as expansion plans continue in full swing.
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