Apple's iPhone business, its money-making machine that drove 60% revenue last year, is 'in a difficult spot,' Credit Suisse said.
Apple's iPhone business, its money-making machine that drove 60% revenue last year, is"in a difficult spot," Credit Suisse said.
"iPhone is in a difficult spot with units >20% below peak as users are holding on to their devices longer than ever and price hikes have likely run their course," Credit Suisse's director of equity reseach Matt Cabral said in a note to clients on Thursday. The slowdown in China has been a headache for Apple as it continues to lose share to local brands. Apple slashed iPhone prices by 6% in China after Greater China revenue fell 27% year over year in the first quarter. Credit Suisse said there might be"no quick fix" in sight to turn it all around.
Amid the slowing iPhone business, Apple is aiming to shift its focus on services, hoping to monetize the massive user base. The company debuted a slew of new subscription services two weeks ago, including a TV service, gaming bundle, and magazine subscription, but Credit Suisse said the transition can't be done in the blink of an eye.
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