BofA: iPhone demand strong despite reported cutbacks
What you need to know
- Recent reports state Apple is cutting some iPhone production.
- The Bank of America says that demand for iPhones remains strong.
- That's because Apple has lowered its trade-in prices.
The Bank of America says that demand for the iPhone remains strong despite reports Apple is cutting back on production, with decreasing trade-in values a key indicator.
From CNBC:
Following the launch of the iPhone SE in March, Apple cut the trade-in price of the iPhone 12, indicating strong demand because Apple doesn't need to pay more money to convice people to trade in their old phone for a new model.
The report also cites a global survey from January indicating that 25% of respondents still owned an iPhone 8 or earlier, indicating Apple has a decent target audience for its new budget smartphone.
A report Monday stated that Apple was cutting iPhone SE production by about 20%.
Bottom line: For what it's worth, the iPhone SE (2022) is a fantastic value if you're willing to make some sacrifices in features.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design. Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9