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Apple Expects A Delay In iPhone 12 Series Launch

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Apple Inc. (NASDAQ: AAPL) CFO Luca Maestri signaled at the company’s earnings call Thursday that this year’s iPhone models, which are said to be 5G capable, may be delayed, CNBC reported.

What Happened

The Tim Cook-led company may not launch the next generation of iPhones in September, although, it isn’t known whether all, or only some, models of the iPhone 12 series are delayed.

“As you know, the last year we started selling new iPhones in late September. This year, we project supply to be available a few weeks later,” Maestri said.

Qualcomm, Inc (NASDAQ: QCOM) had earlier this week hinted in its earnings report that an unnamed customer was delaying the launch of a flagship 5G model and also predicted 15% lower year-over-year 5G handset shipments in the quarter ending September.

Why it Matters

Last week speculation arose that the Cupertino-based tech giant may delay its 5G iPhone launch event to late October or November.

Wedbush analyst Daniel Ives said in June that there are 350 million devices in an upgrade window and that 5G constituted a major cycle for Apple.

The Cupertino-based consumer electronics giant reported an earnings per share of $2.58 in Q3 on Thursday. It also announced a four-for-one split of its stock. 

The iPhone earned revenues of $26.42 billion and contributed 44.3% of Cupertino’s top-line.

Price Action 

Apple shares closed almost 1.2% lower at $384.76 on Thursday, and gained nearly 7% in the after-hours session to $409.55.

© 2020 Benzinga does not provide investment advice. All rights reserved.


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