Apple iPhone Sales Are a 'Little Light': D.A. Davidson's Luria

Core Insights - The company's recent sales numbers, particularly for iPhones, are below expectations, which may impact stock valuation and future performance [1][2] - Despite a strong stock performance, the market has priced in expectations for a significant upgrade cycle, which may not materialize as anticipated [2] - The company continues to trade at the highest earnings multiple among its peers, despite having the slowest growth rate, indicating strong brand loyalty but also potential challenges ahead [3] Sales and Revenue - Recent iPhone sales figures were lower than expected, with projections closer to 50 million units not being met [1] - The stock's recent rise was based on expectations of a robust upgrade cycle, which now appears uncertain for the upcoming quarter [2] Ecosystem and Growth Potential - The company's ecosystem is described as "sticky and powerful," with potential for leveraging this to drive additional growth [4][5] - Future growth may depend on the introduction of new product forms, such as glasses or goggles, which are not expected to be available in the near term [6] - The company is taking a deliberate approach to product introductions, focusing on getting it right rather than being first to market [5][6]