Apple iPhone Supercycle Still in Play - Wedbush Affirms Buy [TheStreet.com]
Apple Inc. (AAPL)
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Source: TheStreet.com
Apple(AAPLGet ReportAt last check the Cupertino, Calif., company's shares were off 5.7% at $108.80.Wall Street should not be shocked that the company's iPhone numbers were light as the launch of its newest version came four to six weeks later than usual this season, according to Wedbush analyst Daniel Ives."With preorder activity tracking more than 2 times vs. the iPhone 11 a year ago based on our analysis from Asia suppliers, [the] iPhone 12 is off to a robust start out of the gates and should translate into a massive holiday quarter for Cook & Co. with clear supercycle-like momentum into 2021," Ives said.The shares are dropping after Apple said iPhone revenue came in at $26.44 billion, down more than 21% from a year earlier. The latest figure was just off the Street forecast of $26.5 billion, thanks in part to the late launch of the iPhone 12. China revenue was also disappointing, falling 29% to $7.95 billion.Wedbush views the iPhone as a "once in a decade" launch cycle given its es
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