IPhone 12 Delay Confirmed - Apple Says it'll Be 'a Few Weeks' Late

IPhone 12 Delay Confirmed - Apple Says it'll Be 'a Few Weeks' Late

"Last year we started selling new iPhones in late September, this year we expect supply to be available a few weeks later", said Luca Maestri, the company's chief financial officer, in an earnings call with investors.

Because of the COVID-19 pandemic, many people were dubious that new Apple smartphones would hit stores this September like they often do.

Sales of the iPhone, Apple's main revenue driver, were up 1.7% year over year at $26.4 billion in the June quarter. The move will drop the price of a single share of the company's stock to around $100, before accounting for any changes in price between now and the effective date for the split. The stock made strong gains on Thursday evening, soon after the earnings report.

The 5.4-inch standard iPhone may package a full-size display into a smaller form, while Pro models are expected to sport either a 6.1-inch screen or a 6.7-inch screen.

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JPM analyst Samik Chatterjee said the performance spoke volumes about the importance of Apple products to consumers, and showed them willing to circumvent the traditional practice of buying from the physical channel when required.

The report topped Wall Street expectations, with even long-overshadowed categories like iPads and Macs getting a boost. The company said it has more than 550 million paid subscriptions and is on track to reach 600 million by year-end. The iPhone is still, by far, Apple's biggest business, and it now represents 44 percent of its total revenues.

But the global smartphone market was already stagnating before the novel coronavirus caused it to contract, and Apple has leaned heavily into growing its services business, which is where the company's fastest revenue growth occurred during the fiscal third quarter. "iPad was helped in the June quarter there by the work-from-home and distance learning [trends], as it was in other geographies, and the Mac also grew strong double digit".

"App Store services saw a record demand during the pandemic", she added.

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