Apple shares close lower despite solid holiday iPhone sales

Apple shares closed lower Tuesday in the US, despite reports the tech giant likely racked up solid sales of its iPhone X, over the thanksgiving holiday shopping weekend.

Apple shares close lower despite solid holiday iPhone sales

Apple shares closed lower Tuesday in the US. That’s despite reports the tech giant likely racked up solid sales of its iPhone X, over the thanksgiving holiday shopping weekend.

Indeed, while some estimates suggest up to 6 million iPhone X units were sold over the holiday weekend in the US, some analysts have become a little downbeat on the stock.

Apple shares closed 0.59% lower at $173.07. However, it gained over 2% over the previous three-day trading week.

iPhone X sales look good

There has been much uncertainty surrounding how popular Apple’s first $1,000 phone would prove. But it appears those fears were largely unfounded.

If the estimates for weekend sales of the iPhone X prove to be true, then they could mean Apple has sold some 15 million units since the launch.

But, that’s still not enough for some analysts. UBS Apple analysts have reduced their forecast of iPhone X sales to 10% from 12%. However, it sill has a ‘Buy’ rating on the stock.

"IPhone buying intent vs. a year ago for the next 12 months is flat in the U.S. and Japan and down in the U.K., China and Germany," UBS analyst Steven Milunovich said in a research note to clients.

He added that the Apple’s next fiscal year, which began in October 1, will likely prove to be “solid” but not a “supercycle.”

Mac password bug

While analysts and investors mull over Apple’s Thanksgiving holiday performance and outlook, the tech giant has other concerns.

The innovative tech firm is working hard to fix a bug in its Mac High Sierra operating system.

The user who discovered the bug, according to a BBC report, is Turkish developer, Lemi Ergin. He found it’s possible to enter a Mac system without a password and also gain access to administrative rights.

While Apple are busy finding a fix, Ergin has been criticised by some for announcing the problem publicly without keeping it private and giving Apple time to solve it.

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