These Analysts Were Completely Wrong About Apple
Update: Apple has announced record-breaking iPhone sales of nine million units, shattering most analysts’ expectations.
Apple’s (NASDAQ:AAPL) launch weekend proved to be an iPhone sales bonanza. Apple’s two newest smartphone models – the iPhone 5C and the iPhone 5S – became available in 11 different countries around the world on Friday, September 20. Although the latest iPhone launch appeared to generate as much consumer excitement as previous launches, there were many analysts that predicted Apple investors would be disappointed after all the hoopla dies down.
Susquehanna analyst Chris Caso predicted that Apple’s combined iPhone sales would fall short of most investors’ expectations. “We think there is more chance for downside than upside,” wrote Caso in a note to investors via Bloomberg Businessweek.
Caso also seemed to subscribe to the idea that, “no news is bad news.” The analyst noted that a lack of weekend sales numbers from Apple “would likely be perceived as a significant negative.” In fact, Apple’s failure to release any pre-order numbers for the iPhone 5C before the launch weekend made investors nervous and sent the stock down 3 percent last Monday.