Investment company Piper Sandler cut Apple's profit forecast for the first quarter of 2024 due to weak demand in China.

Thanks to CTOnews.com netizen Alejandro86 for the clue delivery! CTOnews.com, Oct. 27 (Xinhua)-- Investment firm Piper Sandler has cut Apple's profit forecast for the first quarter of 2024, citing weak demand in China.

Piper Sandler believes that factors such as weak demand for iPhone in China and the global economic downturn will make Apple's December results lower than expected.

Piper Sandler claims that consumers are not satisfied with Apple's iPhone 15 / Pro series phones, and the market sentiment around the iPhone 15 series seems to be similar to that of iPhone 14. Many users of iPhone 13 and newer models do not think it is necessary to upgrade, while the iPhone 15 / Pro series phones appear "not strong enough" in the Chinese market under the competitive lineup of competitors.

Although Apple's iPhone sales fell short of expectations in recent months, Apple helped the company stabilize with revenue from its services business, with a profit of $81.8 billion in the third quarter (CTOnews.com Note: currently about 598.776 billion yuan).

Apple will report fourth-quarter results on November 2, but Piper Sandler said weak demand in China would affect the fourth-quarter results.