Apple Inc. AAPL Chief Financial Officer Luca Maestri signaled at the company’s earnings call Thursday that this year’s iPhone models, which are said to be 5G capable, might be delayed, CNBC reported.
What Happened
The Tim Cook-led company may not launch the next generation of iPhones in September, although, it isn't known whether all, or only some, models of the iPhone 12 series are delayed.
“As you know, the last year we started selling new iPhones in late September. This year, we project supply to be available a few weeks later,” Maestri said.
Qualcomm, Inc QCOM had earlier this week hinted in its earnings report that an unnamed customer was delaying the launch of a flagship 5G model and also predicted 15% lower year-over-year 5G handset shipments in the quarter ending September.
Why it Matters
Last week, speculation arose that the Cupertino-based tech giant may delay its 5G iPhone launch event to late October or November.
Wedbush analyst Daniel Ives said in June that there are 350 million devices in an upgrade window and that 5G constituted a major cycle for Apple.
The Cupertino-based consumer electronics giant reported an earnings per share of $2.58 in Q3 on Thursday. It also announced a four-for-one split of its stock.
The iPhone earned revenues of $26.42 billion, contributing 44.3% to the Cupertino company’s top-line.
Price Action
Apple shares closed almost 1.2% lower at $384.76 on Thursday, and gained nearly 7% in the after-hours session to $409.55.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
