Apple has announced that its new iPhone would be delayed for several weeks.
CFO Luca Maestri said during a conference call with investors that the new smartphone would come later than usual.
“In addition, as you know, last year we started selling new iPhones in late September,” Maestri said. “This year we project supply to be available a few weeks later.”
Maestri reiterated that he was referring to the new iPhone.
Get ready to wait a little longer for Apple's next iPhone. The tech giant warned investors today that supplies of a potential new iPhone will be delayed, likely because of the #COVID19! pic.twitter.com/pxBdrT0IHJ
— Saksi™ (@saksivarnan) July 31, 2020
Fox Business explained that in previous years, “the Cupertino, Calif.-based Apple has announced its new iPhones in September, often going on sale just a few days later.” There have been exceptions, however, with the iPhone X available for sale in November 2017 and the iPhone XR available for sale in October 2018.
Even with Apple’s unusual public acknowledgment, Wall Street analysts still raise their price targets on Apple.
Brian White, Monness Crespi Hardt analyst, raised his price target on Apple to $470 from $370 following the earnings.
“Although the current economic environment remains challenging and there remains risk to the strength of this recovery, we believe Apple’s strong balance sheet, iconic brand, rapidly growing services business, pipeline of innovations, hardline stance on personal privacy and leadership role during this crisis will allow the company to emerge from this downturn stronger,” White wrote.