In case you were wondering how Apple’s (AAPL) iPhone is doing, Piper Jaffray’s Gene Munster is on the case, having canvassed 134 Apple retail shops in the U.S. about their in-store availability, and finding fewer have the item on hand than before.
“Our checks of 134 Apple Stores in the US show that only 40% of iPhone 7 SKUs were in stock (67% iPhone 7 and 14% iPhone 7 Plus). The table below outlines changes in US iPhone availability at Apple Stores since September 30th.”
That figure is actually up from the 2.2% for the 7-Plus it was on October 7th, he notes, and up slightly from 11.7% on September 30th.
Units in China are even more stocked-out:
Outside of the US, we are unable to capture iPhone availability at Apple Stores, but can capture similar data from 96 China Unicom stores in China. Inventory in China continues to be more constrained than in the US with around 12% total availability vs 40% in the US.
Munster’s not disappointed with the stock-outs, they just push sales into this quarter from last, he writes:
We continue to believe that the limited supply of the iPhone 7 should be positive for the Dec quarter outlook as demand shifts from September to December. Despite the supply, we remain comfortable with Sep revenue of $47.5B vs. Street of $46.5B.
Munster also notes Apple is expected to unveil new Macs at an October 27th media event, according to a report yesterday by Recode’s Ina Fried, citing multiple unnamed sources. If true, it “could help return Mac units to y/y growth as they have been down for each of the last three quarters,” he opines. “We expect Mac units to be down 10% in Sep-16, flat in Dec-16 (quarter of update), and up 4% in Mar-16.”
Apple shares today are up 2 cents at $117.48.
“Our checks of 134 Apple Stores in the US show that only 40% of iPhone 7 SKUs were in stock (67% iPhone 7 and 14% iPhone 7 Plus). The table below outlines changes in US iPhone availability at Apple Stores since September 30th.”
That figure is actually up from the 2.2% for the 7-Plus it was on October 7th, he notes, and up slightly from 11.7% on September 30th.
Units in China are even more stocked-out:
Outside of the US, we are unable to capture iPhone availability at Apple Stores, but can capture similar data from 96 China Unicom stores in China. Inventory in China continues to be more constrained than in the US with around 12% total availability vs 40% in the US.
Munster’s not disappointed with the stock-outs, they just push sales into this quarter from last, he writes:
We continue to believe that the limited supply of the iPhone 7 should be positive for the Dec quarter outlook as demand shifts from September to December. Despite the supply, we remain comfortable with Sep revenue of $47.5B vs. Street of $46.5B.
Munster also notes Apple is expected to unveil new Macs at an October 27th media event, according to a report yesterday by Recode’s Ina Fried, citing multiple unnamed sources. If true, it “could help return Mac units to y/y growth as they have been down for each of the last three quarters,” he opines. “We expect Mac units to be down 10% in Sep-16, flat in Dec-16 (quarter of update), and up 4% in Mar-16.”
Apple shares today are up 2 cents at $117.48.
Resource: http://blogs.barrons.com/techtraderdaily/2016/10/19/apples-iphone-7-plus-still-stocked-out-not-a-bad-thing-says-piper/
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