So much for iPhone X-stasy.
Shares of Apple and its Asian suppliers took a tumble on Tuesday following reports that sales of the company’s newest smartphone could miss expectations in the first quarter.
Apple is slashing its sales forecast for the iPhone X from 50 million units to 30 million units for the quarter, according to a report in Taiwan’s Economic Daily, citing unidentified sources.
Apple has not publicly disclosed quarterly sales targets for the iPhone X, which went on sale in November.
The X model, which Apple dubbed “the future of the smartphone,” created a buzz when its all-glass display and Face ID functionality were unveiled, but critics were quick to seize on its eye-watering $999 price tag.
Combined with Apple releasing the iPhone 8 and 8 Plus with nearly-identical internals, the X has not been a must-have device like previous iPhone models.
Some analysts also have flagged disappointing demand. JL Warren Capital is predicting shipments of just 25 million units as consumers balk at the “high price point and a lack of interesting innovations.”
Daniel Ives, head of technology at research firm GBH Insights, told the Post he believes Apple’s iPhone woes are the result of better-than-anticipated early sales.
“We believe the success in December hurt March a bit as the supply chain [issue] corrected itself earlier than expected,” Ives said.
Ives described the report as a “stomach punch” for Apple, and said that the March and June quarters will be make-or-break for the Cupertino, Calif., company. However, he added that GBH Insights still believes the current line of iPhones is still on track to be a supercycle with 240 million or more units sold in 2018.
An Apple spokeswoman said the company does not comment on market rumors. During a trip to China this month, Apple CEO Tim Cook said he “couldn’t be happier” with the demand for the iPhone X in the country.
The sales news comes after a rocky week for Apple, which saw the company finally admit to slowing down older iPhone models in order to preserve their batteries, provoking a string of class-action lawsuits.
Last week, Barrons published a feature in which it predicted the tech giant would become the world’s first trillion dollar company in 2018.
Apple shares, which are up 50 percent this year, giving the company a market cap of nearly $900 billion, were down 2.6 percent Tuesday afternoon to $170.54.