A brand new spending report by Seeking Alpha shows that U.S iPhone sales dropped 56% in March compared to last year. Store closures and financial instability were blabbed as the main causes.
KeyBanc says spending data suggests that Apple’s (NASDAQ:AAPL) U.S. iPhone sales fell 56% Y/Y in March due to the retail store closures, and online sales haven’t been able to compensate.
Apple took the decisive action to close stores on March 14th, signaling the biggest action taken yet by the company to limit the spread of COVID19. Most recent reporting suggests that Apple will keep stores closed until at least May as the situation shows no signs of slowing down.
Apple will be holding their Q2 2020 earnings calls on April 30th where Apple has already said they weren’t able to meet their initial predictions.