Apple (NASDAQ:AAPL) saw its shares rise by 1.69% to close at $177.97 on September 18, driven by reports of extended delivery times for the recently unveiled iPhone 15 Pro Max in the United States, signaling robust demand.
According to Bloomberg, the promised delivery date for the iPhone 15 Pro Max has been pushed from September 22 to mid-November. Apple introduced four new iPhone models – iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max – during its product launch event on September 12.
The iPhone 15 and iPhone 15 Plus are now available in five new colors, including pink, yellow, green, blue, and black, while the iPhone 15 Pro and iPhone 15 Pro Max come in four colors – black titanium, white titanium, blue titanium, and natural titanium.
Shipment times for the blue and black iPhone Pro Max models have been delayed, with some not expected until October 16, while the white and natural models are anticipated to arrive no sooner than November 13. These extended shipment times are indicative of strong demand for the high-end model, which starts at $1,199.
Apple’s prospects heavily rely on the iPhone, which accounted for 48.5% of sales in the third quarter of fiscal 2023. Over the past nine months, the company has witnessed a 3.7% decline in iPhone sales compared to the same period last year. Consequently, robust demand for the high-end iPhone bodes well for Apple’s top-line growth.
Apple also expects year-over-year performance for both the iPhone and Services segments to accelerate in the fourth quarter of fiscal 2023. The company is experiencing increased customer engagement in the services sector, boasting more than one billion paid subscribers across its Services portfolio. The expansion of content offerings on Apple TV+ and Apple Arcade is driving subscriber growth.
However, Apple anticipates double-digit revenue declines on a year-over-year basis for both Mac and iPad in the fiscal fourth quarter due to challenging comparisons.
The Consensus Estimate for fourth-quarter fiscal 2023 revenues stands at $88.87 billion, reflecting a 1.42% decline year over year. Meanwhile, the consensus estimate for earnings has risen by a few cents over the past 30 days, reaching $1.39 per share.
Featured Image: Unsplash @ Zana Latif
Author Stephanie Bédard-Châteauneuf 
