Demand for the new iPhone XR has been lower than expected, according TF Securities analyst Ming-Chi Kuo. The analyst slashed his overall iPhone shipment forecast by 20% for Q1 2019 to 38-42 million units from 47-52 million.We have reduced our 1Q19 iPhone shipment estimation by 20% to 38–42mn units (vs. our previous forecast of 47–52mn): We cut the 1Q19 iPhone shipment estimation again for the following reasons. (1) Lower-than-expected XR demand. We have reduced our 1Q19 XR shipment estimation to 15–20mn units vs. our previous forecast of 20–25mn units. (2) The increase in orders of legacy iPhone models cannot offset the decline of XR and XS series shipments because of the low season impact.
In 2018, Apple sold 52.2 million iPhones in the first quarter so Kuo's forecast would be a significant year over year decline. For the iPhone XR, Kuo revised his Q1 2019 estimate to 15-20 million units from 20-25 million.
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