Despite how pleased Apple has been about its latest flagship smartphone, the iPhone X, it seems not everyone shares its lofty expectations for it.
Apple¡¯s shares, as well as those of its suppliers, fell hard this week after multiple industry analysts predicted weak sales for the iPhone X. The company¡¯s stock dropped 4 percent in premarket trading Tuesday.
The redesigned iPhone was expected to give Apple a major boost, after two years of lower than usual sales. And though early indicators showed everything going according to plan, analysts say that trend won¡¯t last, especially in China where numbers are already slowing.
Most importantly, after hardcore Apple fans complete their early buying sprees, experts believe more casual users aren¡¯t as likely to cough up the dough and upgrade to the iPhone X.
Because of this belief, shares of companies that make iPhone components also fell, one by as much as 11 percent. Even manufacturer Foxconn¡¯s stocked dropped 1 percent. The only thing Apple has looking up for it right now is the 2017 end of year holiday season was considered one of its best so far, and that may balance out later weak sales. Analysts predict Apple sold as many as 90 million iPhones over the past three months, breaking its older record if true.