In a note to clients — as noted by MacRumors — Wedbush analysts Daniel Ives and John Katsingris say that iPhone demand for the quarter has remained “surprisingly resilient.”
They write: The albatross for the June quarter in our investor conversations over the past month have naturally been the Covid lockdowns in China which will negatively impact revenue by between $4 billion and $8 billion as a headwind according to Cook & Co.’s guidance given last month.
As of now we believe iPhone demand is holding up better than expected (despite the various supply issues that have plagued Apple and the rest of the tech sector) and are trending better than management’s guidance thus far in the quarter.
Yesterday the Canalys research group reported that, in the first quarter, iPhone sales grew 19% to achieve a 51% market share, powered by the strong performance of the iPhone 13.
What’s more, Apple led the global smartphone market in revenue terms in quarter one of 2022 with revenue of over US$50 billion, according to Counterpoint Research.