In a note to clients — as noted by AppleInsider — JP Morgan analyst Samik Chatterjee says that reduced consumer spending is acting as a headwind for Apple’s new iPhone SE models, and could affect the company’s iPhone 13 and Services segments.
He has this to say: “…. we are trimming our earnings forecasts for Apple, led by a modest haircut to our revenue growth estimates for iPhone (primarily iPhone SE) and Services, although the overall reduction in estimates is fairly modest given the resilience of high-end smartphones, tablets and laptops to the broader slowdown in consumer spending.”
Chatterjee says he expects Apple to ship 245 million iPhones this year. That’s down slightly from his previous estimate of 250 million. The analyst says that his iPhone SE estimates now stand at 24 million units, down from 30 million prior.