Susquehanna iPhone build forecast cut after partner checks

Susquehanna analyst Mehdi Hosseini says checks with Apple (AAPL) manufacturing partners suggest March quarter iPhone builds of 49M-50M units, which would be down 37%-39% quarter-over-quarter and down 9%-13% year-over-year, as well as below the firm’s prior expectation of 50M-52M units. The current iPhone15 forecast suggests total builds of 85M-90M in the second half of 2023, or similar to iPhone14, with the finalized build plan expected be available by early June, the firm added. Susquehanna forecasts 2023 iPhone builds of 205M-210M units, down 10-12% year-over-year. In its note, the firm highlights Apple suppliers that include Coherent (COHR), Cirrus Logic (CRUS), GlobalFoundries (GFS), Corning (GLW), Micron (MU), Universal Display (OLED), Silicon Motion (SIMO), SuperMicro (SMCI), Seagate (STX), TSMC (TSM) and Western Digital (WDC).