Apple’s (NASDAQ:AAPL) iPhone 16 delivery times are slower than previous models, according to a note from Morgan Stanley on Tuesday.
Apple shares fell nearly 1% in premarket trading on Wednesday.
The investment bank said that as of September 24, 11 days after pre-orders began, the average delivery time for the iPhone 16 in the US is 15.2 days, compared to 25.7 days for the iPhone 15 at the same time last year and 18 days for iPhone 14.
Internationally, the trend is similar, with delivery times averaging 16.3 days for the iPhone 16, up from 28.5 days for the iPhone 15.
Morgan Stanley analysts interpret this as a sign of improving supply. However, “while supply has improved and we are hearing anecdotal evidence of positive iPhone 16 demand, we are still interpreting these figures more cautiously,” Morgan Stanley said.
Analysts note that delivery times for the iPhone 16 Pro and Pro Max models are significantly shorter than in previous cycles.
iPhone 16 Pro Max delivery times are currently 25.5 days in the US, 18 days less than the iPhone 15 Pro Max. Likewise, iPhone 16 Pro delivery times are 18.5 days, up from 21.5 days last Friday.
Despite the shorter lead times, Morgan Stanley cautions that this early data does not yet have strong predictive power for the full sales cycle.
“The trajectory of iPhone 16 delivery times is also very similar to previous cycles, with iPhone 16 delivery times peaking 7 days after the start of pre-orders, similar to the last 6+ iPhone cycles,” reports Morgan Stanley.
Analysts believe there is a greater than 50% chance of cuts in iPhone manufacturing in the coming weeks, which could potentially affect December quarter earnings.
While demand for the iPhone 16 remains positive, analysts stress that any possible manufacturing revisions could materialize in early-mid October, which could affect Apple’s fourth-quarter revenue forecasts.
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Reference;
Boughedda, S. (2024) iPhone 16 lead times remain lower says Morgan Stanley; shares fall By Investing.com, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/iphone-16-lead-times-remain-lower-says-morgan-stanley-shares-fall-3631617 (Accessed: 25 September 2024).
