Apple (AAPL) Falls Over 2% Amid Lower iPhone Sales Forecast

Jan 02, 2025

Apple (AAPL, Financial) shares dropped over 2% to $245.34. UBS analysts maintained a "neutral" rating and a price target of $236. The analysts observed an 8% year-over-year decline in iPhone sales in November, leading them to lower their forecast for iPhone sales and revenue for the December quarter to 74 million units and $67.2 billion, respectively. Previously, they had forecasted 77 million units and $69.7 billion. Additionally, Apple China announced a "Zither Benefits" New Year promotional event from January 4 to 7, 2025, offering discounts of up to 800 RMB and trade-in benefits for new iPhones.

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