Tech

IPhone X over? Apple stock tanks on sales fears

Jimmy Rustling
Written by Jimmy Rustling

IPhone X over? Apple stock tanks on sales fears. Shares of Apple fell Friday on fresh concerns that people aren’t buying enough of its flagship device, the iPhone.

On Thursday, C. C. Wei, the co-CEO and president of Taiwan Semiconductor Manufacturing Company, said the company’s sales this year would land on the lower end of its forecast because of uncertainty in cryptocurrency mining demand and “smartphone weakness.” TSMC makes processing chips for use in the iPhone.

The weakness prompted Neil Campling of Mirabaud Securities to suggest Apple could ditch the iPhone X, the company’s most expensive iPhone, by the end of the year.

 

The iPhone X. (Photo: Apple)

With declines in iPhone X orders and record-high inventories at Taiwan Semi, this could mean “iPhone X is dead,” Campling said, as reported by CNBC.

Shares of Apple (AAPL) were down more than 4%, weigh on the overall stock market.

Sales of the iPhone X have come in lower than Wall Street analysts projected. The device starts at $999, one of the most expensive smartphones on the market.

Last month, Goldman Sachs and RBC Capital Markets lowered estimates for iPhone sales for the first half of the year.

However, Apple could compensate for weaker iPhone sales with a surge in its growing services such as Apple Music and the App Store.

“The business itself should have a higher multiple than hardware,” said RBC analyst Amit Daryanani.

Apple will report second quarter earnings on May 1.

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About the author

Jimmy Rustling

Jimmy Rustling

Born at an early age, Jimmy Rustling has found solace and comfort knowing that his humble actions have made this multiverse a better place for every man, woman and child ever known to exist. Dr. Jimmy Rustling has won many awards for excellence in writing including fourteen Peabody awards and a handful of Pulitzer Prizes. When Jimmies are not being Rustled the kind Dr. enjoys being an amazing husband to his beautiful, soulmate; Anastasia, a Russian mail order bride of almost 2 months. Dr. Rustling also spends 12-15 hours each day teaching their adopted 8-year-old Syrian refugee daughter how to read and write.

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