- The iPhone X was expected to drive a wave of customers to upgrade their phones, but it looks like that might not happen.
- Apple seems to have hit a ceiling for its US market penetration.
- The company will now have to focus on milking more money from its current iPhone owners and growing its international market share.
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UBS: There is no such thing as an iPhone X 'supercycle' (AAPL)
The iPhone X was expected to drive a wave of customers to upgrade their phones, but it looks like that might not happen.
Before its release, analysts speculated that the iPhone X would drive a "supercycle" of phone upgrades. For about three years, Apple stuck with the same design for its new phones and many consumers opted to stick with their old models.
The iPhone X was announced in September and offered, for the first time since the iPhone 6, a new design. The bezel-less screen and face-unlocking features were expected to drive a wave of upgrades, but that hasn't happened, according to Steven Milunovich, an analyst at UBS.
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