Weak demand for the new iPhone SE has investors trimming revenue estimates for Apple

As you may have already guessed, people are not all crazy about getting the new iPhone SE... and you, our readers, were also quite un-excited about it in our poll. JP Morgan is now adjusting its forecasts for Apple's revenue, as there is indeed reduced consumer spending for the iPhone SE. AppleInsider reports that this could affect the company's iPhone 13 and Services segments, according to JP Morgan.

Investors take a more cautious view on consumer spending as iPhone SE doesn't get as much demand as expected

JP Morgan analyst Samik Chatterjee has stated in an investor note that the company will take a more cautious position because of the waning demand in the electronics segment. The analyst is now moderating his growth forecasts for the smartphone market, as there is no such upside with the launch of the new iPhone SE.

This could also affect the upside for the iPhone 13 and App Store Services segments. Pretty much, JP Morgan will now be trimming the earnings forecast. If you're wondering how on earth is the iPhone 13 related to the iPhone SE's weak demand, it is, pretty much, because the growth estimates are divided into the "iPhone" and "Services" categories. So pretty much, the analyst is now adjusting his expectations on the growth of the iPhone segment in general.

However, Chatterjee stated that the reduction in estimates is "fairly modest given the resilience of high-end smartphones".

So, what about the numbers? Here are Chatterjee's predictions, according to the investor note. He believes that Apple will be able to score 245 million iPhone shipments from 2022 (he previously estimated 250 million). His estimations on specifically the iPhone SE now stand at 24 million units, while his previous estimation was at 30 million.

In the services department, the analyst now sees 15% growth in 2022, instead of 20%. Basically, there is lower growth in new downloads, total revenue, and gaming revenue.

But the analyst is far from concerned for Apple. He says that the company is well-positioned to deliver resilient performance nevertheless. His 12-month Apple stock price target remains at $210.