Susquehanna sees lower 1H23 Apple (AAPL) iPhone build

Susquehanna analysts said checks suggest a slight cut to 1st-half 2023 Apple (NASDAQ: AAPL) iPhone builds.

Specifically, they note checks with Apple EMS partners "suggest Mar-Q iPhone builds of 49-50m, down 37-39% Q/Q and down 9-13% Y/Y, and below prior expectation of 50-52m."

The firm had expected 55m builds. iPhone14 mix was 38-40m.

Further, they note the June quarter iPhone build has also seen a minor revision, with the current forecasts tracking to 34-35m, below the prior 35-36m.

The current iPhone15 forecast suggests total builds of 85-90m in 2H23, with 25m builds in Sep-Q and 60-65m in Dec-Q with the Pro/Max mix of 60%, or similar to iPhone.

The firm expects the iPhone15 to include WiFi 6E (6GHz), slightly larger screen size, Titanium edge
frame, better optical zooming capability, and higher Memory content.

Susquehanna now forecasts a total 2023 iPhone build of 205-210m, down 10-12% year-ove-year.

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