iPhone gift cards could impact up to a million units
Wu estimates that “several hundred thousand to one million units could be impacted” by the gift card. This is good for Apple’s cash flow by collecting the revenue up front, but Apple’s Q1 earnings won’t recognize the sale of an iPhone until the customer activates it, which is expected to be after Christmas. Revenue and units won’t likely be recognized until the March quarter, so hold on tight to your Apple shares.