Apple Inc AAPL may have underestimated the demand for Apple Watch Series 6's Titanium variant and run out of supply months after it stopped manufacturing them, as per Bloomberg's Mark Gurman.
What Happened: The $799 titanium model of Apple Watch Series 6 is listed as “currently unavailable” on Apple’s website and is sold out in most major markets for every size, color and band configuration and it is also said to be unavailable at most brick & mortar Apple stores globally.
“Given the high price point, Apple probably only made a small amount expecting they wouldn’t sell very well. They likely stopped manufacturing them months ago and are finally running out of supply,” Gurman noted in the latest edition of his tech newsletter.
Why It Matters: Apple is expected to launch the Apple Watch Series 7 alongside the iPhone 13 in September.
According to Gurman, Apple may drop the pricier Edition material as it has done in the past as it would not make sense to buy a watch that will be outdated in a year and will cost $800.
Apple does not break out separate sales numbers on Apple Watch but it is a key revenue driver for the Cupertino, California-based company’s wearables, home, and accessories segment. The category churned in $8.77 billion in sales, up 36% from a year-ago quarter.
Price Action: Apple shares closed 0.15% higher at $145.86 on Friday.
See also: How To Buy Apple Stock
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.