A research note indicates iPhone sell-through dropped 11% in January year-over-year, but that's an improvement from December's decline.
iPhone sell-through improving slowly
The iPhone 14 lineup saw multiple existential factors affecting production in the supply chain. This led to months of reduced supply and a net loss in revenue for Apple in the December quarter.
Supply began to improve by December, but it wasn't enough to offset the damage done earlier in the quarter. A research note from UBS seen by AppleInsider shows that iPhone sell-through continued to be down overall for January.
The note states that iPhone sell-through declined 11% globally year-over-year and 8% month-over-month. That's an improvement from December, where sell-through declined by 18%.
The data provided by Counterpoint to UBS also showed that strength in the Chinese market has helped offset other market declines. China had a year-over-year decline in iPhone sell-through of 22% in December but a 6% increase in January.
Changes in sell-through were more muted in the United States, according to the data. Sell-through was down 4% in January, which improved from the 8% year-over-year decline in December.
iPhone estimated sell-through improved in Jan but still down 11% YoY. Source: Counterpoint and UBS
Sell-through isn't a direct correlation for iPhone revenue, but it does provide some insight. Apple will continue to flood the market with inventory to make up for lost time, which could result in a strong March quarter.
UBS maintains its buy rating for Apple stock. The company has a 12-month price target of $180, which hasn't shifted.