Wait times for Apple’s higher-end iPhone 14 Pro models are reaching ‘extreme’ levels – and consumers are not choosing cheaper models instead – as the company grapples with continued supply chain disruptions heading into the holiday season.
In a note to investors from UBS viewed by AppleInsider, analyst David Vogt found that wait times for iPhone 14 Pro models have hit 34 days in most markets, including the U.S., a significant increase from seven days in early November and 19 days in October.
UBS had expected consumers to trade down and buy one of the lower-end iPhone 14 models due to the long wait times, but it found that wasn’t the case. Vogt called the wait times for the iPhone 14 and 14 Plus ‘immaterial.’
Wait times for Apple’s higher-end iPhone 14 Pro models are reaching ‘extreme’ levels – and consumers are not choosing cheaper models instead. Above: A person holds an iPhone 14 Pro
In a note to investors from UBS viewed by AppleInsider, analyst David Vogt found that wait times for iPhone 14 Pro models have hit 34 days in most markets. Above: The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store
Earlier this month, Apple said in a statement that it was seeing ‘strong demand’ for its Pro models, and warned that ‘customers will experience longer wait times to receive their new products.’
The longer wait times come as the California-based firm deals with supply chain constraints and increased Covid-19 restrictions at its main assembly facility in Zhengzhou, China, which the company previously said is operating at a significantly reduced capacity.
Apple’s iPhone 14 includes several new features that can detect when you are in a car crash, track ovulation and connect to satellite internet. Above: Apple CEO Tim Cook
However, consumers can buy the base line models from an Apple store or the company’s website.
The investment services firm expects iPhone shipments to reach 83 million units for the December quarter, a bit lower than the 86 million unit forecast it predicted in November, reports AppleInsider.
UBS believes the firm – led by CEO Tim Cook – faces some risk if it can’t meet demand for its smartphones during the holiday season.
If wait times don’t improve in the coming weeks, it may miss Wall Street consensus estimates.
Apple CFO Luca Maestri previously said the company expects year-over-year revenue growth to decelerate in the December quarter compared to the prior quarter, citing the strength of the U.S. dollar and ongoing macroeconomic weakness.
The bank reportedly lowered its price target for Apple to $180, which is down from $185 in its last report.
In late September, Apple cut production of its iPhone 14 after seeing weaker-than-expected demand.
The lack of enthusiasm among consumers is likely due to price increases for markets outside of the U.S. and inflation, leading consumers to stick with their older iPhones instead of purchasing the latest model.
Users who did purchase the iPhone 14 have reported several issues with the handset, such as cellular connection problems, vibrating cameras and the device randomly restraining while being charged.
Apple’s iPhone 14 includes several new features that can detect when you are in a car crash, track ovulation and connect to satellite internet.
The device starts at $799 in the US, similar to previous iPhones, but across the Atlantic, the handset is starting for more than $900.
However, the iPhone 14 Pro is a huge hit and dominated the first week of pre-orders, which may be due to the large upgrades included in the smartphone.
The Pro has a brighter display, which earned it best smartphone display, features a better camera with up to four times the resolution of its predecessor and the new Dynamic Island that uses dead space on the smartphone to house the selfie camera and Face ID.
In late September, Apple cut production of its iPhone 14 after seeing weaker-than-expected demand. The lack of enthusiasm among consumers is likely due to price increases for markets outside of the U.S. Above: A man walks past the headquarters of Taiwanese electronics giant and iPhone manufacturer Foxconn in the Chinese city of Zhengzhou