Ming-Chi Kuo

Ming-Chi Kuo is an analyst at TF International Securities, a financial services group in the Asia-Pacific region. He gathers intelligence from his contacts in Apple's Asian supply chain, translating the information he gleans into research notes for clients.

His research notes often provide a solid look at Apple's future plans and while he is not always correct, his predictions on future Apple products are accurate enough to make him one of the most reliable sources for Apple rumors. Kuo previously worked for KGI Securities, Concord Securities, and DigiTimes.

'Ming-Chi Kuo' Articles

Kuo: Apple's AR Glasses to Launch in 2020 as iPhone Accessory

Apple's first rumored head-mounted augmented reality device could be ready by the middle of next year, according to a new report out today from Apple analyst Ming-Chi Kuo (via Economic Daily News [Google Translate]). A fanciful mockup of digital glasses via TechAcute According to Kuo, Apple's AR glasses will be marketed as an iPhone accessory and primarily take a display role while wirelessly offloading computing, networking, and positioning to the iPhone. Designing the AR glasses to work as an iPhone accessory is also expected to allow Apple to keep the glasses slim and lightweight, rather than trying to pack in all the processing hardware into the one device. Kuo believes Apple is aiming to begin mass-producing the glasses as early as the fourth quarter of this year, although he admits the timeframe could be pushed back to the second quarter of 2020. Back in November 2017, Bloomberg reported that Apple was developing an AR headset and aimed to have it ready by 2019, although the company could ship a product in 2020. The report said the headset would run on a new custom operating system, based on iOS, and dubbed "rOS" for "reality operating system." Apple has been exploring virtual reality and augmented reality technologies for more than 10 years based on patent filings. The company is also rumored to have a secret research unit comprising hundreds of employees working on AR and VR, exploring ways the emerging technologies could be used in future Apple products. Apple CEO Tim Cook has talked up the prospect of augmented reality several times, saying he

Kuo Increases Galaxy S10 Shipment Estimates Due to 'Spec Differentiation From iPhone Models'

Respected Apple analyst Ming-Chi Kuo, who works for TF International Securities, today increased his forecast of Galaxy S10 shipments by 30 percent due to better than expected pre-order demand. Kuo attributes the better-than-expected shipment momentum to several factors including spec differentiation from iPhone models. Pre-order demand for the S10 series is better than expected. Worldwide pre-order demand for the S10 series grows by 30-40% YoY compared to that for the S9 series based on our survey. Therefore, we will increase shipment estimates of the S10 series in 2019 by 30% from 30-35mn to 40-45mn units. S10+ and S10 account for 85% or more of total shipments. We believe that the better-than-expected shipment momentum of S10 series is due to (1) the market's bearish view on high-end smartphone growth, (2) spec differentiation from iPhone models, including an ultrasonic fingerprint on display (FOD), rear triple-camera, and bilateral wireless charging, (3) much better-than-expected demand in China market, and (4) trade-in programs.As Kuo points out, there are notable differences between Samsung's newest phone and Apple's current crop of iPhones. Samsung devices have a triple-lens camera setup with an ultra-wide lens, and an ultrasonic under-display fingerprint sensor. Apple is rumored to be planning to introduce a similar camera setup in the 2019 iPhones, but because it uses Face ID facial recognition instead of a fingerprint sensor, Samsung's under-display fingerprint recognition technology will continue to set it apart from Apple. Kuo believes the

16-Inch MacBook Pro, 6K Apple Display, AirPower, AirPods 2 and More Predicted for 2019 [Video]

Last night, we saw the release of a extensive research note from analyst Ming-Chi Kuo who laid out his timeline for product releases from Apple in the coming year. MacRumors videographer Dan Barbera recaps Kuo's predictions in this video which covers an extensive range of products including an all new 16" MacBook Pro, 6K Apple Display and much more. Subscribe to the MacRumors YouTube channel for more videos. Kuo is well regarded in the rumor community due to a very good track record at predicting Apple's products. Kuo gathers intelligence from his contacts in Apple's Asian supply chain, translating the information he gleans into research notes for clients. Our Coverage16-Inch MacBook Pro With All-New Design Expected in 2019, 13-Inch Model May Gain 32GB RAM AirPower and New AirPods Said to Ship in First Half of 2019, New iPod Touch With Faster Processor Also Expected Two New iPad Pro Models, 10.2-Inch iPad, and iPad Mini 5 Said to Launch in 2019 2019 iPhones Can Wirelessly Charge Other Devices, Feature Frosted Glass and Larger Batteries, and More Apple Said to Release 31.6-Inch 6K Display With Mini LED-Like Backlight Design in 2019 2019 Apple Watch: New Ceramic Casing, ECG Support for More Countries We've updated our Upcoming Apple Products Guide based on this new

AirPower and New AirPods Said to Ship in First Half of 2019, New iPod Touch With Faster Processor Also Expected

Apple's long-awaited AirPower wireless charging mat and a new version of AirPods with wireless charging support and upgraded Bluetooth connectivity will start shipping in the first half of 2019, according to analyst Ming-Chi Kuo. Kuo also expects a new iPod touch with a faster processor to launch in 2019. While there's been a flurry of recent rumors about the AirPower and 2nd generation AirPods, there have also been conflicting reports on the possible launch dates for the two products. One recent report specifically placed the launch of the new AirPods in the fall of 2019. We were skeptical about that report at the time, and now Kuo gives another reason to believe that the new AirPods and AirPower will be shipping in the first half of this

Two New iPad Pro Models, 10.2-Inch iPad, and iPad Mini 5 Said to Launch in 2019

In a thorough research note outlining Apple's plans for 2019, analyst Ming-Chi Kuo describes his outlook for the next iPad lineup. According to Kuo, Apple plans to release two new iPad Pro models, a 10.2-inch iPad, and a refreshed iPad mini, each equipped with an upgraded processor, later this year. Rumors of a refreshed iPad mini ("iPad mini 5") have been consistent over the past few months. Apple in January registered seven new iPad models with the Eurasian Economic Commission, and at least some of these are believed to be the iPad mini. The others may be a new version of the low-cost 9.7-inch iPad. According to Kuo, the 9.7-inch iPad will be bumped up to 10.2 inches in 2019. No other details on the "two new iPad Pros" are given, but a release would likely be later in 2019 given their relatively recent updates.

Kuo: 2019 iPhones Can Wirelessly Charge Other Devices, Feature Frosted Glass and Larger Batteries, and More

In a thorough research note outlining Apple's plans for 2019, analyst Ming-Chi Kuo describes his outlook for the next iPhone lineup. According to Kuo, the 2019 iPhone lineup will mirror that of the current lineup, including 6.5-inch and 5.8-inch OLED models as well as a 6.1-inch LCD model. As for changes to expect in 2019, Kuo says the iPhone XR successor may be upgraded to 4GB of RAM, while all models will include frosted glass casing, larger batteries, the ability to wirelessly charge other devices, and new technology for indoor positioning and navigation.The new 5.8" OLED may support DSDS, and the new 6.1" LCD may be upgraded to 4GB. All of part of the new models’ main upgrades include Ultra-Wide Band (UWB) for indoor positioning and navigation, frosted glass casing, bilateral wireless charging for charging other devices, upgraded Face ID (with a higher power flood illumination), larger batteries, and triple camera feature (wide, telephoto, and ultra-wide lens).Kuo also says all three models will include Lightning connectors rather than USB-C and have the same notch area as current models, contradicting other rumors of smaller notches.

Apple Said to Release 31.6-Inch 6K Display With Mini LED-Like Backlight Design in 2019

Apple will release a 31.6-inch 6K display with a Mini LED-like backlight design in 2019, according to Apple analyst Ming-Chi Kuo, who detailed his expectations for Apple's 2019 roadmap in a research note obtained by MacRumors. Apple left the display market back in 2016 with the discontinuation of the outdated Thunderbolt Display. Apple did, however, say they were working on a new screen alongside the new Mac Pro. Apple's Phil Schiller said in 2017:With regards to the Mac Pro, we are in the process of what we call "completely rethinking the Mac Pro." We’re working on it. We have a team working hard on it right now, and we want to architect it so that we can keep it fresh with regular improvements, and we’re committed to making it our highest-end, high-throughput desktop system, designed for our demanding pro customers. As part of doing a new Mac Pro — it is, by definition, a modular system — we will be doing a pro display as well. Now you won’t see any of those products this year; we’re in the process of that. We think it’s really important to create something great for our pro customers who want a Mac Pro modular system, and that’ll take longer than this year to do. Kuo describes the new monitor as a "6k3k"

16-Inch MacBook Pro With All-New Design Expected in 2019, 13-Inch Model May Gain 32GB RAM

Apple will release a new MacBook Pro with a 16-inch to 16.5-inch display and an all-new design in 2019, according to Apple analyst Ming-Chi Kuo. Tonight, analyst Ming-Chi Kuo released a research note looking at Apple's releases in 2019. MacRumors has obtained a copy of the report and perhaps the most exciting prediction for Mac users is the revelation that Apple is working on a 16"-16.5" MacBook Pro. Unfortunately the report provides few details beyond that it is an "all-new" design, suggesting Apple is revamping their current MacBook Pro design. A 16"-16.5" screen would be the largest screen Apple has provided on a MacBook Pro since the discontinuation of the 17" MacBook Pro in 2012. Close followers of Apple's MacBook Pro refresh cycle have been expecting Apple to continue with the current design until at least 2020. The MacBook Pro last saw a redesign only two and half years ago. Kuo also says Apple may add a 32GB RAM option to the 13-inch MacBook Pro, without providing further details. More Predictions from Kuo: - AirPower and New AirPods Said to Ship in First Half of 2019, New iPod Touch With Faster Processor Also Expected - Two New iPad Pro Models, 10.2-Inch iPad, and iPad Mini 5 Said to Launch in 2019 - 2019 iPhones Can Wirelessly Charge Other Devices, Feature Frosted Glass and Larger Batteries, and More - Apple Said to Release 31.6-Inch 6K Display With Mini LED-Like Backlight Design in 2019

Ming-Chi Kuo Says 'Worst Soon Over' in Regards to Slowing iPhone Sales

Earlier this month, Apple lowered its revenue guidance for the first quarter of the 2019 fiscal year by up to $9 billion due to fewer iPhone upgrades than it anticipated, particularly in the Greater China region. Apple analyst Ming-Chi Kuo, however, believes the "worst" will be "soon over" in regards to the slowdown. In his latest research note with TF International Securities, obtained by MacRumors, Kuo opined that the "share prices of Apple and most iPhone suppliers are generally priced in the negative."Our report published on December 14, 2018, was the first to cut the estimation of 2019 iPhone shipments to 190mn units or less; the current market consensus on 2019 iPhone shipments (160–180mn units) is much lower than our estimation and we believe the share prices of Apple and most iPhone suppliers are generally priced in the negative. We maintain our forecast of 188–192mn units for 2019 iPhone shipments. We believe the downside risks of share prices for the Apple and iPhone supply chain are limited in the near term given that 2Q19 iPhone shipments will likely be better than the market consensus.Kuo has slightly cut his estimate for iPhone shipments in the first quarter of 2019 from 38–42 million units to 36–38 million units because the "demand for new models in China and emerging markets is lower than expected," but he believes the decline will begin to ease starting in the second quarter. Specifically, he estimates iPhone shipments in the second quarter of 2019 will reach 34–37 million units, slightly higher than the market consensus of 30–35 million

Ming-Chi Kuo Says iPhone XR Demand Has Been Lower Than Expected, Slashes Shipment Estimates

iPhone XR demand has been lower than expected, according to Apple analyst Ming-Chi Kuo, who has slashed his overall iPhone shipment forecast by 20 percent for the first quarter of 2019. He now expects Apple to move 38-42 million iPhones in the quarter, down from his original estimate of 47-52 million. Kuo, in a research note with TF International Securities, obtained by MacRumors:We have reduced our 1Q19 iPhone shipment estimation by 20% to 38–42mn units (vs. our previous forecast of 47–52mn): We cut the 1Q19 iPhone shipment estimation again for the following reasons. (1) Lower-than-expected XR demand. We have reduced our 1Q19 XR shipment estimation to 15–20mn units vs. our previous forecast of 20–25mn units. (2) The increase in orders of legacy iPhone models cannot offset the decline of XR and XS series shipments because of the low season impact.Apple reported sales of 52.2 million iPhones in the first quarter of 2018, which corresponds with the second quarter of Apple's fiscal year, so as few as 38 million units in the first quarter of 2019 would be a significant year-over-year decline. For the iPhone XR in particular, Kuo has revised his shipment estimate to 15-20 million for the first quarter, down from 20-25 million. Kuo estimates annual iPhone shipments will fall between 205 million and 210 million in 2018, and based on that, forecasts that annual iPhone shipments in 2019 will decline up to 10 percent to a range of 188 million to 194 million. This would fall below Wall Street's consensus estimate of around 212 million units in 2019. While this news

Next-Gen AirPods to Spark Intense Competition in Smart Earbuds Market Next Year

Continuing improvements to Apple's popular AirPods wireless earphones will trigger an intense round of ear-device innovation and competition in 2019 as tech companies look to other avenues for growth amid declining smartphone sales, according to respected analyst Ming-Chi Kuo. In a research note published today and obtained by MacRumors, Kuo predicted that AirPods, which are the most successful current Apple product, will rapidly grow in popularity next year when upgraded models appear, with many brands to follow Apple's steps with their own competing products. Kuo also laid out how he expects the in-ear devices to evolve over the coming years in the context of Apple's ecosystem. We believe that the AirPods are more than just earbuds for Apple and will become increasingly important in Apple's ecosystem for the following reasons. (1) They increase the switching costs for users to Android from the iOS ecosystem. (2) This is an important device for voice assistant/AI services because it can easily enable the voice assistant. (3) The ear is a perfect sensing area for detecting various health data. It may integrate with the Apple Watch to offer better health management in the future.For an idea of the potential health integrations Apple has in mind for future AirPods, a new patent awarded to Apple on Tuesday (spotted by 9to5Mac) shows AirPod-like devices performing heart rate monitoring and taking body temperature measurements. With smartphone shipments slowing, more brand vendors are said to be paying attention to wireless earbud sales as a way to generate growth in

Kuo: AirPods With Wireless Charging Case Expected in Early 2019, All-New Model in Early 2020

In a brief research note highlighting Apple's suppliers for its popular AirPods wireless earphones, noted analyst Ming-Chi Kuo predicts that new AirPods with a wireless charging case will debut in the first quarter of 2019, with an "all-new design model" following in the first quarter of 2020. The updates are predicted to drive strong sales growth for the product. We attribute AirPods' dramatic growth (14–16mn, 26–28mn, 50–55mn, 70–80mn and 100–110mn units in 2017, 2018, 2019, 2020, and 2021, respectively) to 1) the upgraded model with wireless charging support to benefit shipments to launch in 1Q19, 2) the all-new design model to boost replacement demand to launch in 1Q20, 3) an innovative user experience, and 4) high integration with iOS and Mac products. In summary, AirPods is Apple's most popular accessory ever, and it currently has the best growth momentum among Apple products.Kuo notes that fewer than 5 percent of iPhone users currently own AirPods, and with over 1 billion iPhone users worldwide, there are "great potential growth opportunities" for the accessory. Nearly a year ago, Kuo predicted Apple would launch upgraded AirPods in the second half of 2018, but Apple's difficulties in bringing its AirPower charging mat to market have undoubtedly impacted its AirPods plans to some degree. Just ahead of Apple's October media event, Kuo noted he was uncertain about the timing for an AirPods update, indicating it could come late in the fourth quarter or early in the first quarter of

Ming-Chi Kuo Cuts iPhone XR Lifecycle Shipment Estimates by 30 Million

Noted analyst Ming-Chi Kuo has issued a new research note today, cutting his shipment estimates for the iPhone XR due to several factors. He believes that some of the decline will be offset by higher demand for iPhone XS and older "legacy" models, but he is still reducing his overall iPhone shipment forecasts by 15–20 percent for the first quarter of 2019. We have reduced our iPhone XR shipment estimation from 100mn units to 70mn during the new product lifecycle (4Q18–3Q19) for the following reasons: 1) Negative impacts on consumer confidence from the trade war, especially in the Chinese market, 2) expectations from more users for more affordable XR or the dual-camera and narrower bezel design to be provided at the current price level, and 3) competition from Huawei's Mate 20 series. We have reduced our XR shipment estimations for 4Q18, 1Q19, and 2Q19 by 30–35%, 25–30%, and 25–30% to 30–35, 20–25, and 10–15mn units, respectively.Kuo believes that iPhone shipments for the current quarter will be in the same 75–80 million range he previously predicted, while he has lowered his first-quarter estimate to 47–52 million from a previous range of 55–60 million. Kuo's prediction is somewhat curious given that he raised his early iPhone XR estimate a little less than a month ago and cited stronger demand than seen for the iPhone 8 last year with the potential for more stable demand over time. Apple's stock price is down over 4 percent today, outpacing broader market declines and falling to its lowest point since the end of

Kuo: 2019 iPhones to Adopt New MPI Antenna Technology, Combined With Existing LCP Components

Apple analyst Ming-Chi Kuo published a new report over the weekend, related to the introduction of new antenna technology that could be coming in next year's iPhone lineup. According to the analyst, Modified PI (MPI) will replace Liquid Crystal Polymer (LCP) to become the mainstream antenna technology for the 2019 iPhones, but LCP will still be found in the smartphones. Kuo says that complicated production processes of LCP and Apple's lower bargaining power against LCP material suppliers will contribute to this change. LCP is also said to be more brittle and as such unfavorable for module production yield rate, so improving these rates has the chance to lower the antenna's performance based on current technology limitations. In total, Kuo believes that there will be a mix of LCP and MPI antennae in the upcoming 6.5-inch, 5.8-inch, and 6.1-inch iPhone models for 2019: four MPI antennae and two LCP antennae. Currently, the iPhone XS, XS Max, and XR are equipped with six LCP antennae. With the switch, LCP shipments for the new iPhones in 2019 will decrease by at least 70 percent year-on-year. As we enter the era of 5G, Kuo estimates that both MPI and LCP "will coexist" during the transition to the new wireless communications standard. While the market is reportedly confident that the coming 5G era will boost LCP materials growth, Kuo says this expectation may be corrected because many mid-range and low-end smartphones will likely switch to MPI antennae during the transition from 4G to 5G. Besides antennae, current rumors for the 2019 iPhones again predict three

2019 iPhones to Feature Upgraded Face ID Camera System

Apple's 2019 iPhones will come equipped with an upgraded Face ID camera system, according to a new note to investors from often reliable Apple analyst Ming-Chi Kuo. According to Kuo, next-generation iPhones will feature a new flood illuminator that will improve Face ID by lowering the impact of invisible light from the environment. Kuo believes the upgraded sensor will be included in all 2019 iPhone models, which he has previously said will again consist of two OLED iPhones and one LCD iPhone. We believe that Apple will raise the output power of the flood illuminator VCSEL to lower the impacts from invisible lights of environment in order to improve the Face ID user experience. The higher power VCSEL with higher ASP needs increased requirements of design and production, increased materials for array design, and longer testing times. Therefore, the VCSEL supply chain can add higher value.Kuo's note also suggests a Time of Flight (ToF) 3D camera will be introduced in iPad models in late 2019 or early 2020, and could expand to the iPhone in the second half of 2020. He continues to believe that Apple has no plans to adopt ToF in 2019. According to Kuo, a ToF 3D camera would allow for 3D models to be captured via the iPad and then edited with the Apple Pencil for an "all-new productivity experience." On the iPhone, eventual ToF support will allow for new AR experiences and improved photo quality.We give a greater than 50% probability that the new iPad in 4Q19/1Q20 may adopt ToF (our previous forecast that the 2H19 new iPhone will not adopt ToF remains unchanged). We

Kuo: New iPad Mini Coming as Soon as Next Week's Event, AirPower in Late 2018/Early 2019

Ahead of Apple's October 30th event, respected Apple analyst Ming-Chi Kuo shared some details about what we can expect to see Apple to unveil during the event as well as information on other products that we might see from Apple in late 2018 or early 2019. Kuo has several interesting predictions, including an updated iPad mini and details on the launch of the AirPower. iPad Pro Kuo says that we can expect to see two new iPad Pro models that are equipped with USB-C, improved displays, and an Apple Pencil with a new design. Further details were not shared on what improvements to expect with the displays or what a redesigned Apple Pencil might look like. All of these features have been previously rumored for Apple's upcoming iPad Pro models, which are also expected to feature Face ID, edge to edge screens, and no Home button. iPad mini Kuo says that Apple will launch a new version of the iPad mini, which has not seen an update in several years. Kuo says the device will feature an upgraded processor and a lower-cost panel. Kuo does not know, however, if Apple will announce it during the media event or launch it sometime later in the year/early next year, but if an updated model is in the works, it makes sense for it to launch alongside the iPad Pro. Mac models At Apple's event, we can expect to see several Mac updates with upgraded processors and other internal improvements. Kuo says we can count on a new low-cost notebook and updates to the MacBook, iMac, and Mac mini. AirPower and AirPods According to Kuo, Apple could launch new AirPods and the

Kuo: iPhone XR Pre-Order Demand Over First Weekend Exceeded That of iPhone 8 and iPhone 8 Plus

iPhone XR pre-order demand in the first three days of the device's availability was "better than that" of the iPhone 8 and iPhone 8 Plus during the same period last year, according to Apple analyst Ming-Chi Kuo. In a research note obtained by MacRumors, Kuo said that although pre-order demand immediately after launch has been lower for the iPhone XR versus the flagship iPhone XS models, overall iPhone XR shipment momentum is "more stable" because it will drive more customers to upgrade than the iPhone 8 series over time. Kuo added that iPhone XR shipping estimates on Apple.com (many models remain available for launch day delivery on Friday) do not indicate exact demand, as the type of customers interested in the device are more general users, with many ordering through carriers to take advantage of promotions. An excerpt from Kuo's research note with TF International Securities:We are not surprised that XR's initial delivery times are shorter than those of the iPhone XS series after pre-order open given that XS and XR have different target customers. The former's target customers are Apple fans, who snap up new models rapidly after the pre-order open. The latter's are general users who are used to operating iOS with characteristics including favoring the Apple brand, limited budget, or no urgent replacement demand.Some other analysts had expressed concerns that the iPhone XR's strong availability implied weak sales of the $749 handset. Kuo already predicted that iPhone XR demand would be higher than that for the iPhone 8 series last year in a research note

Kuo: Apple to Maintain Same iPhone Mix in 2019 With 5.8 and 6.5-Inch OLED iPhones, 6.1-Inch LCD

Apple analyst Ming-Chi Kuo, who often accurately predicts Apple's future device plans, believes the company will continue to offer three iPhones in 2019 with the same general lineup seen in 2018. In a note to investors about Apple supplier Luxshare's predicted market share released this morning, Kuo included a chart that suggests Apple will continue to offer 5.8 and 6.5-inch OLED iPhones in 2019, along with one 6.1-inch LCD model. That's the same lineup used this year, which consists of the 5.8 and 6.5-inch OLED iPhone XS and XS Max and the 6.1-inch iPhone XR. Rumors about the 2019 iPhones have been circulating for a few months now, but this is the first time that we've heard specific details on the number of devices we can expect to see in 2019 and their screen sizes. Given that 2018 is sort of an "S" upgrade year with no major changes to the iPhone X design introduced in 2017, there was a possibility that Apple could condense its iPhone lineup or introduce new screen sizes, but it looks like we may be sticking with the current lineup for at least another year. Other 2019 iPhone rumors have suggested the upcoming iPhones will adopt faster, more efficient A13 chips from TSMC, triple lens rear camera systems, revamped front-facing TrueDepth camera systems, and perhaps support for the Apple Pencil. Details about all of the rumors we've heard about the new devices so far can be found in our 2019 iPhones roundup.

Kuo Predicts 'Better Than Expected' Replacement Demand for iPhone XR, Raises Shipment Forecasts

Demand for the iPhone XR will be higher than demand for the iPhone 8 last year, Apple analyst Ming-Chi Kuo reiterated in a note to investors this morning. Kuo is predicting better than expected replacement demand for iPhone XR along with improved supply starting in October, leading him to revise his predicted shipment estimates. Apple is now expected to ship 36 to 38 million iPhone XR units in the fourth quarter of 2018, up 10 percent from an original estimate of 33 to 35 million units. As he said last week in a note about the XR driving upgrades in China, Kuo is expecting the iPhone XR to outsell the iPhone 8 because of its larger display, longer battery life, dual-SIM support, and new form factor design. With the revised XR shipment expectations, Kuo believes Apple will ship a total of 75 to 80 million iPhone units during 4Q2018. iPhone XR shipments are also expected to be up in the first quarter of 2019, a historically slow quarter for Apple. Quarter over quarter decline is expected to be at 25 to 30 percent instead of 45 to 50 percent for iPhone 8.We expect XR shipments to beat low seasonality in 1Q19. We forecast that XR shipments in 1Q19 will decline 25-30% QoQ to 27-30mn units, and we attribute the lower XR shipment QoQ decline, compared with general consumer electronics and smartphones' 30-40% QoQ decline, to better replacement demand and production delay. Also, XR's shipment QoQ decline in 1Q19 will be better than the iPhone 8 series' 45-50% in 1Q18.Total iPhone shipments in the first quarter of 2019 are expected to grow by 10 percent

Kuo: 2019 iPhones to Have Same Water Resistance as iPhone XS and iPhone XS Max

While the iPhone XS and iPhone XS Max became available to order less than a month ago, the rumor mill is already looking ahead to next year. In a research note to investors, shared by the Taiwanese publication Economic Daily News, Apple analyst Ming-Chi Kuo said 2019 iPhones will have the same IP68-rated water resistance as the iPhone XS and iPhone XS Max. Both devices are water resistant up to a depth of two meters for up to 30 minutes. Kuo said that "the new iPhone waterproof specifications will remain unchanged next year," according to a translated version of the report. IP codes refer to the degree of protection an iPhone has against dust and liquid. The "6" means the iPhone XS and iPhone XS Max are dustproof, while the "8" represents the highest level of liquid resistance. IP68 is effectively the highest rating iPhones can achieve under the IP code standard, but there is no limit on conditions like water depth and pressure. 2019 iPhones could have had IP68-rated water resistance up to three meters, for example, but that will not be the case according to Kuo. This isn't really bad news, as YouTubers have subjected the iPhone XS and iPhone XS Max to a variety of extreme underwater tests, and the devices have generally remained functional. That doesn't mean you should go swimming with your bare iPhone, however, as liquid damage is only covered with AppleCare+. All in all, this is a relatively minor data point about 2019 iPhones, but one to add to the list as we continue to learn about next year's