Apple also announced a four-for-one stock split that will take place at the end of the month, bringing the company's share price down to around $100 after it broke through the $400 mark following the earnings report.
Confirmation of the delay followed rumours circulated by tech leaker John Prosser earlier this week that new iPhones and iPads would be released in October. "In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation".
However, following the market forecast, Apple did not release estimates for the third quarter. There's a good probability that the coronavirus pandemic may have been the trigger behind the delay of Apple's iPhone 12s.
As we've mentioned before, this doesn't necessarily mean the announcement will be delayed: there's nothing to stop Apple from unveiling the iPhone 12 in September, but the hardware won't actually go on sale until October. "However, we will provide some additional insight on our expectations for the September quarter for our product categories".
Apple Inc. pulled off a strong quarter in China by switching up retail tactics and pushing a cheaper iPhone, becoming one of the few US tech giants to ride the country's post-pandemic recovery despite Washington-Beijing tensions.
That's when the exec confirmed the iPhone 12 delay. Instead, it saw strong growth during the quarter.
"As you know, past year we started selling new iPhones in late September", Maestri said. "And I said that this year, the supply of the new product will be a few weeks later than that". Both phones were unveiled during regular September events, alongside the other iPhones that were included in their series. The smartphone is also expected to have an LCP antennae design, which was first spotted on the iPhone X in 2017, but has not been rolled out to every iPhone model.
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