Investment firm Cowen told its clients on Friday that it expects Apple to have a good holiday season this year, with US$90 billion in revenues during the December quarter (via AppleInsider).
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The US$90 billion in revenues expectation comes from iPhone sales plus Apple’s growing service’s business, and is about US$3.1 billion more than previous estimates.
Cowen expects 69 million iPhones to be made in the fourth quarter, up slightly from its previous prediction of 63 million.
“The iPhone 11 product cycle… [is] off to a solid start,” it reports, “and the upcoming TV+ service supports longer term Services growth.”
Cowen says that the reception to the iPhone 11 has been clear to investors, but Apple TV+ has not.
“Services seems like a black box to many investors,” it says, “but it appears that as long as the Services revenue grows and gross margins hold up, investors seem to be fine with it.”
Cowen also expects Intel to continue to provide 4G modems for a future iPhone that journalists have dubbed “iPhone SE 2,” as well as noting that Apple’s rumored 5G iPhones in 2020 will have Qualcomm modems.
Further Reading:
[Apple Watch Series 5 Comes to South Korea, Thailand and Brazil]
[Tim Cook Dines with President Barack Obama and Robert De Niro in New York]
[Update: this article was updated for clarity – Editor]