Market Overview

Hedge Fund Manager Expects 70-75 Million Apple iPhones Sold In FQ1


When asked about earnings expectations for Apple Inc. (NASDAQ: AAPL), Lemelson Capital Management Chief Investment Officer Rev. Emmanuel Lemelson told Benzinga he expects iPhone sales to be between 70-75 million in the first fiscal quarter.

“If these numbers are not reached, it will only be because of supply constraints and not demand,” he said.

Lemelson also expects significant growth in all product categories, except the iPad, as well as record app store and iMac sales.

He anticipates shareholder capital return will remain unchanged for now with the company announcing significant share repurchases in FQ1.

The company may also guide launch of the Apple watch in CQ1, Lemelson added.

Shares of Apple were trading about 1.54 percent lower Tuesday afternoon.

Brianna Valleskey contributed to this report.


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