According to a new report, Apple to struggling to meet the growing demand for the iPhone 14 Pro and iPhone 14 Pro Max, leading the models to have significantly longer wait times.
Apple struggling to meet growing demand for iPhone 14 Pro
In a note to investors from UBS investment bank (via AppleInsider), analyst David Vogt revealed that wait times for the iPhone 14 Pro and iPhone 14 Pro Max have increased. The analyst looked at iPhone availability across 30 countries and discovered that wait times in most regions, including the United States, now stand at around 34 days. Wait times in China are now 36 days.
In theory, consumers who are not interested in waiting a month for the iPhone 14 Pro may want to purchase the iPhone 14 or iPhone 14 Plus instead, however, that is not the case. Demand for the iPhone 14 and iPhone 14 Plus is so low that consumers can purchase them from a retail Apple Store or online and receive it within a few days.
The high demand may sound like a good thing for Apple since consumers are clearly excited about its product. However, the excitement may not amount to much if the Cupertino tech giant is unable to meet the demand. Especially during the ongoing holiday season which is essential to the company’s earnings in the current quarter.
If wait times for the iPhone 14 Pro do not improve, Apple may only see an estimated 2% growth and 10% iPhone revenue growth for the current quarter.
Apple’s main iPhone supplier Foxconn, which has been struggling to fully resume iPhone production due to COVID-19, is a big reason for the tech giant being unable to meet demand.
Foxconn’s plant in Zhengzhou was recently placed under a week-long lockdown and Apple even announced plans to scale back production of the iPhone 14 lineup at the facility. Now, local authorities in China are asking retired soldiers and government workers to help aid iPhone production at Foxconn’s plant.
Apple is not the only company to be affected by the COVID-19 outbreak in China. Foxconn recently revealed that it is concerned about the revenue of consumer electronics this quarter due to the ongoing circumstances.