APPLE : UBS remains 'neutral', concerned about iPhone sales
May 30, 2024 at 10:38 am EDT
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On Thursday, UBS reiterated its 'neutral' opinion and $190 price target on Apple, believing that the Apple company was not yet out of the woods in view of iPhone sales in April.
In a research note, the research firm points out that worldwide shipments of the device fell by around 2% year-on-year last month, due to weakness in the Chinese and US markets, the world's two largest.
In China, iPhone sales volumes dropped by some 20% in a market that was nevertheless up 2%, it points out, while iPhone units fell by 2% in the United States, against a market down 2%.
In contrast to March's figures, which were mainly characterized by market share losses in China, the current pressure on the iPhone's sales momentum has now spread not only to the USA, but also to India, worries UBS.
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Apple Inc. specializes in the design, manufacture and marketing of computer hardware and music supports. Net sales break down by family of products and services as follows:
- telephone products (52.1%): iPhone brand;
- peripheral devices (10.5%): screens, storage systems, printers, video camera, memory cards, server, switches, etc.;
- computers (10.2%): laptops (MacBook, MacBook Air and MacBook Pro brands) and PCs (iMac, Mac mini, Mac Pro and Xserve);
- music support (7.4%): music readers iPod and iPad and accessories;
- other (19.8%): software, maintenance service and Internet access service, etc.
Net sales are distributed geographically as follows: Americas (42.4%), China/Hong Kong/Taiwan (18.9%), Japan (6.3%), Asia/Pacific (7.7%) and Europe/India/Middle East/Africa (24.7%).
APPLE INC. 
