Apple downgraded to 'sell' over slow iPhone sales, shares down

Apple has three iPhone models with 5G lined up for a 2020 launch, fourth 'value-focused' variant

Apple has three iPhone models with 5G lined up for a 2020 launch, fourth 'value-focused' variant

However, Jun Zhang, the Rosenblatt analyst who downgraded Apple on Monday, paints a pretty bleak image for Apple for the rest of the year. The iPhone maker reported $2.46 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $2.37 by $0.09.

Zhang said the iPhone XS may wind up being "one of the worst selling iPhone models in the history of Apple". In a letter to investors, Cook said, "Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline".

Data from CIRP showed earlier this year that the iPhone XR was outselling the iPhone XS and XS Max combined. Apple is reportedly cutting orders for the iPhone XR in preparation for the new models.

In January, Apple cut its revenue outlook for the first time in nearly two decades, in large part because of iPhone weakness.

Expect more rumours and leaks to appear online in the coming weeks although any official news won't be announced until Apple's keynote which will probably take place in mid-September. The company's revenue for the quarter was down 5.1% on a year-over-year basis.

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Apple's smartphones, especially in recent years, have become less known for cutting-edge technology (exceptions such as Face ID aside), and more for the sleek, stylish branding, great performance and premium build quality - so it's not a surprise that the rumored "new" features for its future iPhones is actually tech we've seen before.

It has change into abundantly clear that 2019 is the year to put off your iPhone upgrade.

Apple's iPhone 11 lineup is expected to have a triple camera module at the back, something which has been hounding the company negatively for months. The current iPhone XS-series comes with dual rear cameras. Now, the new iPhones will come with a third (ultra-wide-angle-lens).

J.P. Morgan analyst Samik Chatterjee is now a little more bullish on Apple Inc.'s stock, as his research suggests a stronger iPhone replacement cycle in 2020 that previously expected.

Are you excited about Apple's 2020 iPhones? So far, Apple has been shipping its flagship iPhones with a slower 5W charger and a USB-A to Lightning cable despite supporting fast charging. Furthermore, given the iPhone would be upgraded to three main cameras, the L-shaped design might no longer make sense from a hardware perspective.

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