KeyBanc Capital Markets analyst John Vinh sent a note to clients yesterday, passing along more information about weak Apple iPhone sales. The analyst revealed that KeyBanc's latest survey, covering the period from November to December, showed that inventories of the Apple iPhone held by wireless carriers in North America and Western Europe "went from bad to worse."
As reported by Investor's Business Daily, inventories of the iPhone XS and iPhone XS Max rose as sales of the pair "slowed dramatically." The analyst said that sales of the more affordable iPhone XR remained weak, and have been since the model's launch in late October. The sluggish sales ocurred despite holiday based promotions offered by carriers. Vinh calls the 2018 iPhones the most disappointing for Apple since 2015's iPhone 6s and iPhone 6s Plus.
Apple also announced today that it will release results from its fiscal first quarter on January 29th. The report will be disseminated after the 4pm ET close of the U.S. financial markets. Earlier this month, Apple lowered its guidance for the period's revenues, citing weak iPhone sales in China, and the stock tumbled nearly 10% the following day.