| | | Qualcomm, others in limelight as KeyBanc sees negatives for Apple supply chain
Jan. 10, 2024 8:52 AM ET
By: Chris Ciaccia, SA News Editor
 shih-wei/E+ via Getty Images
Qualcomm (NASDAQ: QCOM), Broadcom (NASDAQ: AVGO), Skyworks Solutions (NASDAQ: SWKS) and other Apple (NASDAQ: AAPL) suppliers were in the limelight on Wednesday as KeyBanc Capital Markets said its First Look Data results painted a "slightly negative" picture for the tech giant's supply chain.
December's carrier survey said sell-through for the iPhone 15 line was "solid" in December, tracking largely in-line with expectations, the research firm said. The firm said demand for the iPhone 15 Pro and iPhone 15 Pro Max were "relatively strong" while demand for the iPhone 15 and iPhone 15 Plus were "solid," aided in part by holiday shopping.
And while there was a "slight" decrease in store inventories, inventories were still above the level from the prior year and the First Look Data showed weaker-than-seasonal sales of the iPhone, at 26% month-over-month and down 12% year-over-year.
The First Look Data also showed indexed spending rose 27% month-over-month in December, below the three-year average of 37%.
Qualcomm and Qorvo were fractionally higher in premarket trading on Wednesday while Broadcom and Skyworks were little changed. Apple shares fell 0.4% after they were hit with their third downgrade this month.
Apple is slated to report fiscal first-quarter results on February 1, with the conference call set for 5 p.m. EST. |
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