Apple iPhone unit sales are soft and underperforming the total smartphone market in the key regions of China and the U.S., a Wall Street analyst says. Meanwhile, Apple stock rose on Thursday.
Smartphone sell-through data for April from Counterpoint Research "points to continued pressure (for Apple) in the two largest smartphone markets, the U.S. and China," UBS analyst David Vogt said in a client note Wednesday.
Sell-through data tracks sales to consumers. It is a more reliable and accurate predictor of true demand than "sell-in" data, which refers to sales to retail and channel companies, he said.
Global iPhone sales declined 2% year over year to 14.8 million units in the month of April, Vogt said. But the picture was worse in China and the U.S., he said.
Apple iPhone unit sales in China were down almost 20% year over year in April in a market where smartphone sales were up 2%, he said.
In the U.S., iPhone unit sales fell almost 4% in April while the total market declined 2%.
Apple Stock Gets Neutral Rating
In India, iPhone unit sales dropped 8% in April while total smartphone sales fell 4%.
On the bright side, iPhone unit sales in Europe jumped 22.5% year over year "owing to an easy compare," Vogt said. Total smartphone sales were up 21% in Europe in April.
Apple had "notable" market share losses in the U.S., China and India last month, Vogt said. Its global market share was 16% in April, marking its fourth consecutive month of share loss, he said.
Vogt rates Apple stock as neutral with a price target of 190.
On the stock market today, Apple stock rose 0.5% to close at 191.29.
In its fiscal second quarter ended March 30, Apple's iPhone revenue sank 10.5% to $45.96 billion. Smartphones accounted for 51% of the company's total sales in the quarter.
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