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The analysts stated that results from the firm’s May monthly carrier survey indicate US iPhone sell-through remains muted, largely in line with lowered store expectations.
“Key First Look Data indicates sales of iPhones (-8% m/m, -14% y/y) were below historical seasonal trends. This likely reflects continued inflationary pressure impacts on consumer spending, partially offset by increased sales traffic from Memorial Day weekend and summer break,” the analysts wrote.
“Feedback from our May carrier checks reflects generally muted demand trends for iPhone,” they added. “Carrier stores indicate that while sell-through was relatively slower in the beginning of the month, sales traffic and demand picked up toward the end of the month driven by Memorial Day weekend and summer vacation for students.”
Despite the survey results, KeyBanc views the results as neutral for the Apple supply chain as its “component unit assumptions already reflected slower iPhone demand in 2Q23 (-15% y/y).”
