The investment bank said for quarter ended March, it is trimming its iPhone sales expectations by 1.7 million units. It now expects sales of 53 million units in the calendar first quarter. For the three months to June, Goldman said it expects sales of 40.3 million units, a reduction of 3.2 million from its previous forecast.
"iPhone demand expectations for March and June are already weak but we believe that early CQ1 (calendar first quarter) demand indications suggest even lower actual numbers than consensus is modeling," Goldman Sachs said in a note late Tuesday.
The Wall Street analysts said that it has reduced its iPhone shipment forecast by 2.5 percent to 217.3 million units for Apple's fiscal year which ends on September 30, 2018. It also cut its iPhone shipment expectations for fiscal 2019 and 2020 by 4 percent and 1.8 percent respectively.
Goldman Sachs said that its expectations of the average selling price (ASP) of Apple products is now 2 percent below market consensus for the June quarter.