Bernstein: iPhone Share Continues to Expand But China Drags, ASP Ends Six Consecutive Increases

TechFlow news, according to TechFlow Research, Bernstein's July 8 Apple tracking report shows iPhone May shipments YoY +2%, share continues to expand, U.S., Japan, and emerging markets performed strongly, but China region revenue YoY -15.5%, weakened 618 promotion intensity and changes in subsidy thresholds were the main reasons. iPhone ASP YoY -1.2%, ending six consecutive months of growth, e series sales proportion rose to 11% pulling down the average price. FQ3 first two months data slightly below historical seasonal average. TSMC N3P shipments dragged down by weak iPhone 17e and weakened 618 discounts, but AI demand will fill the gap. iPhone DRAM content YoY +27% to 9.6GB, 8GB+ models account for 95%. Bernstein maintains Apple Outperform rating, target price $350.