© Reuters KeyBanc survey data indicates weak iPhone sales from Apple (AAPL) in May
“The data reflects weak iPhone sales in May (NASDAQ:) from Apple, which were below normal seasonal trends,” KeyBanc capital markets analysts told investors in a note on Friday.
Analysts said results from the company’s monthly survey of carriers in May indicated that iPhone sales in the US remained muted, largely in line with lower store expectations.
Key first-look data indicates that iPhone sales (-8% MoM, -14% YoY) were below historical seasonal trends. This likely reflects ongoing effects of inflationary pressure on consumer spending, partially offset by increased sales traffic from Memorial Day. Analysts wrote.
“Feedback from carrier checks in May reflects generally muted demand trends for the iPhone,” they added. “Carrier stores report that while sales were relatively slower at the start of the month, sales and demand picked up at the end of the month driven by Memorial Day weekend and student summer holidays.”
Despite the survey results, KeyBanc views the results as neutral for Apple’s supply chain as “constituent unit assumptions did indeed reflect slower iPhone demand in Q2 ’23 (-15% YoY).”