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Apple's iPhone vendors are seeing revenue growth in historically slow quarters



Apple's suppliers see higher revenue levels before the launch of new iPhone models expected in September, says JP Morgan, and despite the challenges of volume shipping, iPhone still manages to maintain its average sales price.

  iPhone XS Memoji

Companies in the iPhone supply chain earn more month-to-month revenue, show figures from JP Morgan notes to investors seen by AppleInsider with revenues up 1

% month to month from June to July. Although this is lower than the 3% increase from May to June, growth is still positive as suppliers usually see a 3% month-on-month reduction in July.

Total revenues increased for the fifth consecutive year on an annual basis, resulting in a 5% year-on-year increase since the start of the year.

"We believe monthly revenue from vendor revenue continues to support our view of moderating iPhone revenue winds," writes JP Morgan, "assisted by several levers implemented by Apple, including invitation programs, financing options, and product sales through broader distribution channels. . "

Based on IHS shipping estimates for iPhone shipments, 15% year-on-year fell to 35 million units in the second calendar quarter, as well as Apple's reported iPhone revenue, suggesting iPhone ASPs rebounded in the quarter and rose 4% year-over-year to $ 740. By contrast, the same period in the first calendar quarter of 2019 had a 1% fall in ASP year-on-year to $ 709.

Because of Apple's decision to no longer report unit numbers, it is unclear how accurate the ASP calculation actually is, partly because of the periods the calculations cover and the unknown reliability of the shipping estimates against timber ity.

In the last quarter, Apple earned $ 26 billion from the iPhone, down from $ 29.9 billion for the quarter in 2018.

When it comes to global shipments for the quarter, JP Morgan notes that IHS saw a 4% decline in Q2 2019 for the smartphone industry as a whole to 331 million. Apple was the fourth largest smartphone provider with a year-over-year decline of 35 million devices.

The decline allowed Oppo to be promoted over Apple to third place, with 13% more units shipped year by year with 36 million. At the top of the list is Samsung, up 6% with 75 million, followed by Huawei, up 9% with 59 million shipments, while Xiaomi saw flat growth in fifth place with 32 million units.

Huawie's ongoing problems with the US and the potential for it to affect sales in Western markets will allow Samsung and Apple to take advantage, although JP Morgan believes Samsung will be the main beneficiary.

"While IHS envisions Samsung being the primary recipient given its global scale and broad product portfolio, we expect Apple's recent marketing campaign update to also catch some of the stock," the note writes.

Apple's capitalization of the Huawei situation has been observed elsewhere, with Cowen predicting in late July that Apple would increase iPhone assemblies and shipments in the quarter ending in June to 40 million, up from 39 million.


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