The analysts, who have a Neutral rating and $195 price target on AAPL shares, explained that iPhone sell-through in the month of June came in at 15.4 million units, up 2% YoY against a 9% decline in June 2022, resulting in a 1% decline in the quarter. In the US, sell-through was down 14%.
"While sell-through in June eked out slight growth, results varied wildly by region. The US remained weak in the month of June, declining 9% YoY (driven by weak upgrade rates at Verizon, AT&T, and T-Mobile) while China sell-through was up ~4% driven by demand during the 618 E-commerce festival," they explained.
"Europe sell through declined ~1%, the 19th straight monthly decline. However, given easing comps in Europe (+190bps MoM) in July, we expect unit sell-through to be flattish to modestly up in this region next month."
The analysts concluded that demand in India remains solid, up 67% YoY, but they added that the region only accounted for 650,000 units or about 4% of total units, "essentially flattish with the prior 5 months."
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