Hedge Fund Manager Expects 70-75M Apple iPhones Sold In FQ1

When asked about earnings expectations for Apple Inc. AAPL, Lemelson Capital Management Chief Investment Officer Rev. Emmanuel Lemelson told Benzinga he expects iPhone sales to be between 70-75 million in the first fiscal quarter.

“If these numbers are not reached, it will only be because of supply constraints and not demand,” he said.

Lemelson also expects significant growth in all product categories except the iPad, as well as record app store and iMac sales.

He anticipates shareholder capital return will remain unchanged for now with the company announcing significant share repurchases in FQ1.

The company may also guide launch of the Apple watch in CQ1, Lemelson added.

Shares of Apple are trading roughly 1.54 percent down in todays’ session.
Brianna Valleskey contributed to this report.