Apple (AAPL) did it! It sold 13 million new iPhones in the first weekend – beating expectations and sales numbers from the launch of the last version of the phone.
But even these numbers aren’t enough to impress investors. And there’s a good reason why.
Shares of Apple are down $1.41, or 1.3%, to $113.25 Monday as investors react to the weekend sales statistics of the new iPhone. Bulls were hoping strong sales of Apple’s latest smartphone model would be the catalyst to get the stock working again. Guess not – partially because the numbers aren’t as solid as they sound.
Certainly, the market is down, too. The S&P 500 is off even more, 1.7%, as investors readjust their valuations. But that’s kind of the point. Apple’s product cycle is supposed to be what makes the company – and stock – immune from the vagaries of the rest of the market.
On its face, Apple’s news looks solid. Apple says it sold 13 million units of the new iPhone 6S to its faithful consumers, beating the 10 million launch sales of the iPhone 6 in 2014, says Nomura analyst Jeffrey Kvaal.
But there’s the problem. The number is a bit distorted because this year 12 global regions including China were included in launch, versus 10 last year, says Abhey Lamba of Mizuho. China wasn’t included at launch last year.
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SOURCE: Matt Krantz