JPMorgan analysts said in a research note Thursday that Apple's (NASDAQ:AAPL) iPhone share softened in July/August ahead of the "launch and robust promotions" with the iPhone 15 launch.
The analysts revealed that recent surveys, which were conducted in August, from Wave7 Research into US sales trends across various carriers in July 2023 indicate a moderation of share above typical levels seen in July of past years.
They believe consumer spending pauses ahead of the new Apple product launches were likely a contributing driver.
"While it is tough to discern the impact of slower consumer spending relative to anticipation of the launch of iPhone 15 in the results for July, interestingly, share declined across AT&T (NYSE:T) and T-Mobile - which are also the carriers that appear to be offering the most compelling trade-in offers on the newly launched iPhone 15 relative to Verizon (NYSE:VZ) where iPhone 14 increased share in the month of July," the analysts, who have an Overweight rating on Apple shares, said.
"We would expect further share moderation in the data for August (in survey that will be conducted in early September) before an eventual pick up with iPhone 15," they concluded.