Apple Faces iPhone Demand Pressure and Pricing Hurdles
Yahoo Finance ·
Apple Inc. (NASDAQ: AAPL) is navigating potential demand hurdles for its latest smartphone lineup as rising component expenses and higher price tags impact consumer interest. On October 9, Reuters reported that Apple instructed component vendors to reduce production for the newly released iPhone 18 Pro and iPhone 18 Pro Max by at least 15 percent for October compared to original projections. The iPhone 18 Pro starts at $1199 and the Pro Max at $1299, both marking a 100 dollar increase from prior models. Despite these volume headwinds, Apple benefits from a massive active device installed base exceeding 2.5 billion units and a robust services division. Services revenue hit a record 30.7 billion dollars in the fiscal third quarter ending June 27, surging 12 percent year-over-year. Currently, AAPL trades at a trailing price-to-earnings ratio of 38.65 and a forward price-to-earnings multiple of 35.21, reflecting high expectations from investors.
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Apple recently faced demand pressure by cutting October component orders by at least 15% due to rising memory chip costs and price hikes for the iPhone 18 Pro series. This raises questions about the justification of its high valuation, though an installed base of over 2.5 billion active devices and service revenue of $30.7 billion (up 12% year-over-year) act as a buffer. Investors should remain cautious about potential future demand slowdowns and margin compression.
상승 영향
- Services — Revenue from the services sector, including the App Store and iCloud, increased 12% year-over-year to $30.7 billion, reducing hardware dependence and generating recurring revenue.
하락 영향
- Semiconductors — Rising memory chip costs have led to a 15% cut in Apple's component orders and margin compression, placing a burden on the related supply chain as a whole.
- Consumer Goods — As the prices of the iPhone 18 Pro and Pro Max have increased by $100 each, consumer purchasing demand is likely to contract and upgrades are likely to be delayed.
DYAX 전담 분석
With the starting price of the iPhone 18 Pro raised to $1,199, a $100 increase from its predecessor, consumer demand is contracting, while surging memory chip costs driven by the expansion of AI data centers are squeezing Apple's margins. To justify a high P/E ratio reaching 38.65x, sustained high growth in the services sector and a recovery in hardware sales are essential.
Future stock performance will be determined by declining shipment trends and the earnings defense capability of the services division, with key metrics to watch being fourth-quarter iPhone sales and service revenue growth rates. If the upward trend in component costs persists, the possibility of further margin erosion exists, requiring a cautious approach.
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