Slowing demand for new iPhone puts damper on Apple’s outlook

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With Omicron-induced worries, shoppers may skip the iPhone 13 altogether and wait to upgrade in 2022, when its successor comes out.

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Apple, suffering from a global supply crunch, is now confronting a different problem: slowing demand.

The company is still on track for a record holiday season, with analysts projecting a sales increase of 6% to $117.9bn in the final three months of the calendar year. But it won’t be the blockbuster quarter that Apple — and Wall Street — had originally envisioned. Shortages and delivery delays have frustrated many consumers. And with inflation and the Covid-19 Omicron variant bringing fresh concerns to pandemic-weary shoppers, they may forego some purchases.

During Apple’s last earnings call in October, CEO Tim Cook said that demand for new products was “very robust” — fuelled by interest in the latest iPhones, iPads and other devices — and that the company was on track for a record holiday quarter. It had sales of $111.4bn in the year-earlier period.

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