APPLE CRUMBLEApple stock takes a hit after ‘all-glass’ iPhone canceled, Jefferies says
Apple stock lost 1.53% yesterday and a further 0.23% overnight after Jefferies analyst Edison Lee and his colleagues published a note to clients (seen by Fortune) that said, “Our supply chain checks suggest that the all-glass iPhone [scheduled for launch in September 2027] has been canceled.”
“We view this as a major setback to efforts to bring in higher-priced iPhones amid soaring memory costs,” the analysts said, reducing their earnings estimates. They believed that the phone would have had a price of $2,060 and if its design was extended across the other iPhones it would have led to price increases there, too. “The foldable iPhone will now be the only key driver of higher [average sales price] and margin,” they said.
However! Sources told Apple-whisperer Mark Gurman (Bloomberg) that the company—currently transitioning from old CEO Tim Cook to new chief exec John Ternus—still intends to launch a “glass-centric” version of the phone in 2027. Note the slightly different terminology: “All-glass” and “glass-centric” are not the same thing. Gurman reported that the new phones “will make use of a new glassy look … Glass is used on the front and back of the phones — known internally as V73 and V74 — and the material will curve into the sides of the devices, with a metal band in the middle.”
