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AAPL Takes a Hit Due to Weak Demand for iPhones Heading into the Holidays

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  • AAPL

There is a supply problem globally, and tech giant Apple had pointed out that it could cost it billions in revenue in the current quarter. However, Apple is now dealing with another problem heading into the holidays.

Demand for New iPhones is Low

Tech giant Apple had warned its suppliers that the demand for new iPhones is low heading into the holidays. According to Bloomberg, the company expects its revenue to take a hit during this period due to the demand and supply issues.

Apple had previously warned that it stands to lose more than $6 billion in the current quarter due to the supply chain problem facing the global economy. However, it didn’t expect weaker demand for its new iPhones to affect its performance also.

This is the first full quarter for Apple’s latest iPhone 13 after it was launched towards the end of the third quarter. The tech giant also launched a few other projects over the past few months, including a new version of AirPods and a redesigned MacBook Pro.

The products were expected to record massive sales heading into the holiday period. The iPhone remains Apple’s biggest and most profitable product. Hence, any signs of weakening demand heading into the holidays will affect the company’s revenues in the current quarter.

AAPL Dips Following Weaker Demand News

The shares of Apple dipped by more than 3% during Thursday’s trading session following the news that the company is experiencing lower demand for its iPhone 13. However, it slightly recovered and ended the trading session down by more than 1%.

AAPL’s indicators still look strong. Source: FXEMPIRE
AAPL’s indicators still look strong. Source: FXEMPIRE

At press time, AAPL is trading at $163.79 per share, down by 1% over the past 24 hours. AAPL’s technical indicators remain strong despite the recent report. The MACD line is above the neutral level, while the RSI of 72 shows that AAPL is currently bullish. Furthermore, the stock is trading above its 50-day moving average of $148.

Year-to-date, AAPL has performed well. The world’s most valuable company has seen its stock price soar by over 24% since the start of 2021.

This article was originally posted on FX Empire

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