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Apple's (AAPL) Prospects Shine on iPhone 15 Pro Max Demand
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Apple (AAPL - Free Report) shares climbed 1.69% to close at $177.97 on Sep 18, following reports that the delivery times for the recently announced iPhone 15 Pro Max have now been extended to November in the United States, indicating strong demand.
Per a Bloomberg article, the promised delivery date for the iPhone 15 Pro Max model has now been delayed from Sep 22 to mid-November. Apple launched four new iPhone models — iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max — at its product launch event on Sep 12.
Apple has launched the iPhone 15 and iPhone 15 Plus in five new colors, including pink, yellow, green, blue and black. iPhone 15 Pro and iPhone 15 Pro Max are available in four colors, black titanium, white titanium, blue titanium and natural titanium.
Shipment times for blue and black iPhone Pro Max models have now been delayed to as late as Oct 16, while white and natural devices are not expected before Nov 13. The extended shipment times reflect strong demand for the high-end model, which starts at $1,199.
Apple’s prospects are heavily dependent on the iPhone, which accounted for 48.5% of sales in third-quarter fiscal 2023. The company has witnessed sliding iPhone sales in the past nine-month period, with the figure declining 3.7% over the same year-ago period. Hence, strong demand for the high-end device bodes well for the company’s top-line growth.
For fourth-quarter fiscal 2023, Apple expects iPhone and Services’ year-over-year performance to accelerate from the June quarter.
Apple is benefiting from increasing customer engagement in the services segment. It currently has more than one billion paid subscribers across its Services portfolio. The expanding content portfolio of Apple TV+ and Apple Arcade is helping drive subscriber growth.
However, revenues for both Mac and iPad are expected to decline double digits on a year-over-year basis in the fiscal fourth quarter due to difficult comparisons.
The Zacks Consensus Estimate for fourth-quarter fiscal 2023 revenues is pegged at $88.87 billion, indicating a 1.42% decline year over year. The consensus mark for earnings has increased by a couple of cents over the past 30 days to $1.39 per share.
Zacks Rank & Stocks to Consider
Apple currently has a Zacks Rank #3 (Hold).
Shares have outperformed the Zacks Computer & Technology sector year to date. Apple shares have returned 37% while the broader sector has risen 36.9%.
Image: Bigstock
Apple's (AAPL) Prospects Shine on iPhone 15 Pro Max Demand
Apple (AAPL - Free Report) shares climbed 1.69% to close at $177.97 on Sep 18, following reports that the delivery times for the recently announced iPhone 15 Pro Max have now been extended to November in the United States, indicating strong demand.
Per a Bloomberg article, the promised delivery date for the iPhone 15 Pro Max model has now been delayed from Sep 22 to mid-November. Apple launched four new iPhone models — iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max — at its product launch event on Sep 12.
Apple has launched the iPhone 15 and iPhone 15 Plus in five new colors, including pink, yellow, green, blue and black. iPhone 15 Pro and iPhone 15 Pro Max are available in four colors, black titanium, white titanium, blue titanium and natural titanium.
Shipment times for blue and black iPhone Pro Max models have now been delayed to as late as Oct 16, while white and natural devices are not expected before Nov 13. The extended shipment times reflect strong demand for the high-end model, which starts at $1,199.
Apple’s prospects are heavily dependent on the iPhone, which accounted for 48.5% of sales in third-quarter fiscal 2023. The company has witnessed sliding iPhone sales in the past nine-month period, with the figure declining 3.7% over the same year-ago period. Hence, strong demand for the high-end device bodes well for the company’s top-line growth.
Apple Inc. Price and Consensus
Apple Inc. price-consensus-chart | Apple Inc. Quote
For fourth-quarter fiscal 2023, Apple expects iPhone and Services’ year-over-year performance to accelerate from the June quarter.
Apple is benefiting from increasing customer engagement in the services segment. It currently has more than one billion paid subscribers across its Services portfolio. The expanding content portfolio of Apple TV+ and Apple Arcade is helping drive subscriber growth.
However, revenues for both Mac and iPad are expected to decline double digits on a year-over-year basis in the fiscal fourth quarter due to difficult comparisons.
The Zacks Consensus Estimate for fourth-quarter fiscal 2023 revenues is pegged at $88.87 billion, indicating a 1.42% decline year over year. The consensus mark for earnings has increased by a couple of cents over the past 30 days to $1.39 per share.
Zacks Rank & Stocks to Consider
Apple currently has a Zacks Rank #3 (Hold).
Shares have outperformed the Zacks Computer & Technology sector year to date. Apple shares have returned 37% while the broader sector has risen 36.9%.
Dell Technologies (DELL - Free Report) , NVIDIA (NVDA - Free Report) and Splunk are some better-ranked stocks in the broader sector, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
NVDA, DELL and SPLK shares have returned 200.8%, 71.9% and 38.6% year to date, respectively.
The long-term earnings growth rate for Dell Technologies, NVIDIA and Splunk is currently pegged at 12%, 13.5% and 24.71%, respectively.