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Jefferies flags further softening in iPhone 18 Pro and Pro Max demand
The Apex Times

THE APEX TIMES

Business/The Apex Times/Oct 19, 8:44 AM EDT

Jefferies flags further softening in iPhone 18 Pro and Pro Max demand

The firm says lead times are shrinking, resale values are falling, and it has seen reports of order cuts, suggesting demand for Apple’s newest high-end iPhones may be weakening again.

By The Apex Times Newsroom3 min readAI-assisted Apex article

A Wall Street analyst says underlying demand for Apple’s iPhone 18 Pro and iPhone 18 Pro Max is weakening further, pointing to a cluster of indicators that typically show demand is not only slowing, but doing so more broadly. The concern, attributed to Jefferies, is part of a wider focus on whether Apple can sustain momentum in its most expensive iPhone tiers.

According to the report carried by Yahoo Finance, Jefferies is citing three indicates: lead times that it says are getting shorter, resale prices that are falling, and reports of order cuts. Lead times refer to the time between when a device is ordered and when it is delivered, and a reduction can imply supply is normalizing because fewer buyers are waiting.

Jefferies is also using resale prices as a market read. Resale values are often tracked by analysts as a proxy for how quickly demand is clearing in the secondary market, where buyers pay premiums when new inventory is scarce. Falling resale prices, in this framing, can indicate weaker urgency or more available supply relative to demand.

The analyst’s view additionally points to order cuts, which generally means suppliers or channel partners may be reducing expected volumes. In iPhone supply chain terms, changes in orders can arrive before official sales figures, making them an early point of attention for investors trying to gauge near-term demand.

While Apple does not comment on specific analyst order or channel indicators in every earnings cycle, the market focus matters because iPhone sales still drive much of Apple’s overall revenue and profit generation. The iPhone 18 Pro and Pro Max are also important because higher-end models typically carry higher average selling prices and can influence product mix.

Apple’s product and services ecosystem has also made the iPhone base central to its broader strategy. Even when consumers upgrade phones less frequently, recurring activity across the Apple installed base can help support services revenues. Still, weakness concentrated in premium models can matter if it indicates fewer customers are moving to high-end pricing tiers.

Notably, the Yahoo Finance post does not provide further detail on what timeframe the lead-time and resale changes reflect, how large the reported order cuts are, or whether Jefferies’ view is based on direct channel checks, supplier commentary, or other data sources. It also does not indicate whether Jefferies expects a specific sales outcome or margin impact.

For now, the key question is whether the purported demand softening is concentrated to specific geographies or channels, or whether it reflects a broader shift in consumer appetite for the premium iPhone lineup. Market participants will likely watch for any corroboration in subsequent analyst notes, channel inventory read-throughs, or Apple’s own commentary around iPhone sales trends.

Why It Matters

  • Premium iPhone models can influence Apple’s product mix and average selling prices, so demand weakness there can affect how investors frame iPhone momentum.
  • Lead-time reductions, resale-price declines, and order-cut reports can arrive before official sales figures, shaping expectations for near-term revenue.
  • If the channel indicators reflect broader consumer demand, Apple may face higher pressure to manage inventory and promotions, depending on how supply and demand balance evolves.

Sources

Key Facts

  • Jefferies, as reported by Yahoo Finance, says underlying demand for iPhone 18 Pro and iPhone 18 Pro Max is weakening further.
  • The firm cites shrinking iPhone lead times as one indicator of softer demand.
  • Jefferies also points to falling resale prices as a sign of reduced secondary-market strength.
  • The report adds that there are reports of order cuts tied to the iPhone 18 Pro line.
  • No specific magnitude of demand decline, resale price levels, lead-time durations, or order-cut volumes were provided in the Yahoo Finance post.

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