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Apple Sold Over 40 Million iPhone 13 Models During the Holiday Season, Says Wedbush Analyst

According to Wedbush analyst Daniel Ives, Apple sold more than 40 million iPhone 13 models during the holiday season, a record for the company despite industry-wide chip shortages.

Last year, reports emerged that demand for iPhone 13 models was slowing in the run-up to the holidays, as delivery estimates for iPhone 13 models began to improve.

However, in a new investor note obtained by MacRumors, Ives stated that demand for the current iPhone cycle will remain strong through 2022, with demand outstripping supply by several million units in the December quarter, a positive sign for Apple as supply chain issues begin to resolve themselves in the first half of this year.

Based on our supply chain checks over the last few weeks, we believe demand for Apple outstrips supply by roughly 12 million units in the December quarter, which will now add to Cupertino’s tailwinds in the March and June quarters as supply chain issues ease in 1H22.

According to Ives, China has been a major source of strength for Apple over the last year and a key region for iPhone sales, especially in terms of increased market share due to the “multi-year supercycle” afforded by the iPhone 12 and iPhone 13.

According to Ives, roughly 230 million of the world’s 975 million iPhone users have not upgraded in the last three and a half years, and the analyst believes Apple’s ongoing smartphone sales will provide highly influential tailwinds as excitement builds for Apple’s much-anticipated mixed reality headset, which is expected to be announced this summer.

According to Ives, the “linchpin” of Apple’s valuation re-rating is its services business, which includes Apple Music, iCloud, Apple TV+, and Apple Fitness+ and is now worth $1.5 trillion, according to Wedbush. According to Wedbush, despite reports of supply constraints, Apple’s chip shortages are a “temporary issue” and “nothing more than a speed bump” on the way to Apple becoming the first $3 trillion market cap company in 2022.

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