© Reuters. Apple (AAPL) iPhone sell-through down just 3% YoY as US growth turned, claims UBS
By Sam Boughedda
UBS analysts said in a note to clients Monday that they estimate Apple iPhone sell-through was down just 3% year-over-year as US growth turned and as comps eased.
The analysts, who have a Buy rating and $180 price target on Apple (NASDAQ:) shares, stated: “On a global basis, we estimate iPhone sell-through (source: Counterpoint) in February was down ~3% (18.1M) vs down 11% in January (20.9M) and ~18% in Dec-22 (22.6M). On a month-over-month basis, iPhone sell-through in February was down 13%, materially better than the 20% MoM decline in both Feb-21 and Feb-22.”
They explained that through the first 2 months of the March 2023 quarter, iPhone sell-through is down 7%, “roughly 500 bps better than the 12% YoY decline in the December quarter.”
“Over the past two years, January and February typically account for roughly 70% of March quarter sell-through implying Mar-23 quarter sell-through of 56M vs almost 60M last year, down ~ 7% YoY. While sell-through differs from sell-in, recent data is directionally consistent with our view that iPhone unit sell-in comes in down 5%-6% in FY23E,” they wrote.
In the US, the firm estimates that iPhone YoY sell-through was +6.6%, the first positive monthly comp since October 22, while in Europe, sell-through was down 23% YoY, a 900 bps improvement from January.
