Apple Sept Q Forecast Changes
With the increasing likelihood of a delayed launch of the OLED variant of the three iPhones launching this fall, we have adjusted our 2H17 forecast. Consequently, we now believe Q3 US iPhone sales will decline ~10% y/y, with ~40% of new flagship sales pushed into Q4. We believe lost sales will be minimal as long as the delayed device launches before mid-November. However, losses could increase meaningfully if Apple were to miss the Black Friday promotion period.