Apple CEO Cook Says Pandemic Hurting iPhone More Than Macs, iPad

New iPad 2020 Concept Images 2

At least seven brokerages raised their 12-month price targets on Apple's stock, with Piper Sandler making the most aggressive move and raising its target by US$160 to US$450. Originally, analysts thought the delay would be a few months, so this is much better news.

Despite the global coronavirus pandemic that has crippled retailers forced to close shops indefinitely, Apple managed to post an 11 percent jump in revenue to $59.7 billion, above the $52.2 billion Wall Street was forecasting. We didn't expect Apple to confirm such rumors anytime soon, but the company did just that via an unusual statement. Chief Executive Officer Tim Cook said that store closures related to the Covid-19 pandemic are weighing on sales of the iPhone and wearable devices more than the iPad and Mac. We even suspected that this quarter's report could contain hints about the iPhone 12 launch schedule. We've been talking about a possible delay on this year's iPhones since the Q1 2020 when the COVID-19 restrictions were affecting the entire smartphone market.

According to the report, the delay in iPhone 12 shipments will impact the company's financial result for the third quarter of 2020. That growth was due in part to a strong launch of the new iPad Pro (2020) and the MacBook Air. "In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation", he said in the earnings press release.

When asked later whether his delay comments referred to iPhone, iPhone chips. "And I said that this year, the supply of the new product will be a few weeks later than that".

While this will likely be the first time every one of Apple's brand-new iPhones will certainly miss out on a September launch, some individual designs revealed next to a set of stablemates have shipped after that. It's not satisfactory if gadgets won't be prepared until October, yet Apple could at present decide to uncover its new handsets during an occasion in September.



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