The Wall Street Journal reported that demand for all three of the new iPhones has been lower than expected. Meanwhile, factors such as "severe Chinese demand weakness" in the late summer and a strengthened US dollar came as unexpected headwinds.
The same media also said Apple had reduced its production plan for iPhone XR by up to one third of the nearly 70 million components, which several suppliers had already been asked to manufacture between September and February. Apple had initially planned to manufacture almost 70 million iPhone XR units between September and February.
Goldman Sachs now sees Apple's earnings per year for fiscal 2019 at Dollars 13.40, approximately in-line with Apple's last three years next-twelve month average.
Weaker demand for Apple products as well as a lackluster reception for the iPhone XR outside of the United States will prevent shares from advancing at all over the next year, according to Goldman Sachs. Despite the decrease, the iPhone X went on to become the single-most popular smartphone model that year.
Hall said there is increasing evidence that Apple's ability to maintain its pricing power is waning.
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And last week, a handful of iPhone suppliers, including the main Face ID technology provider Lumentum and iPhone radio-frequency chip supplier Qorvo, cut their outlook, citing a drop in demand from one of their biggest customers while not specifically name Apple.
Apple declined to comment.
Apple's suppliers have for days been sounding warnings about iPhone demand.
Apple numbers have been slowing for a while but the fruity cargo cult managed to hide the shrinking numbers by jacking up the price and leaning on suppliers for component price cuts.
Interestingly, Apple no longer plans to reveal unit sales for their devices in their quarterly reports.