Verizon, AT&T iPhone Activations Below Views - Wells Fargo

Taking a look at Verizon's (NYSE: VZ) and now AT&T's (NYSE: T) iPhone activation numbers, analysts at Wells Fargo had some comments on implications for Apple (Nasdaq: AAPL).

AT&T said it activated 3.7 million iPhones in the June quarter, down 14% sequentially. Verizon activated 2.7 million iPhones, down 15.6% sequentially.

"The two US operators' activations combined were slightly below our expectations, accounting for 20.3% of our forecasted 31.5 million versus the March & December quarters where the two accounted for 21.4% and 32.1%, respectively," the firm notes. "However, we believe Consensus is below our forecast in the high 20 million units (based on StreetAccounts Consensus of 28.4mn, the combined activations would be 22.6% of the total). However, we note that activations are not necessarily a pure read to iPhone units as we believe figures from the US operators include previously purchased iPhones, which could vary quarter to quarter."

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