Apple is playing expectations real low (for Apple standards) when it comes to its biggest revenue driver, the iPhone. The company thinks it won’t be able to draw between $50 billion and $53 billion in overall revenue this quarter. Wall Street thinks it can pull $52.3 billion. One analyst is pulling the low end.
Meet Pacific Crest Securities analyst Andy Hargreaves (actually, we don’t have a picture for that). He earlier thought that the Cupertino would snag $51.3 billion and 49 million iPhone sales. Hargreaves is currently predicting only $50 billion revenue for Apple’s current fiscal Q2 and 47.5 million iPhones sold, not the 50 million the Street thinks.
Hargreaves said that his firm’s analytics simply “seem more consistent with sales volume at the low end of Apple’s guided range.” But he fully expects a rejuvenation of sales with the introduction of the iPhone 7.
Shares of AAPL have been on an uptrend the past few weeks after a general decline since the company first tamped iPhone sales expectations.