At last week's Macworld Conference & Expo, Apple CEO Steve Jobs said that Apple has sold four million iPhones through the middle of January. Toni Sacconaghi, a financial analyst with Sanford C. Bernstein, told CNET's Tom Krazit that the gap between the figures means that Apple might have a demand problem. He released a research note Thursday after AT&T's earnings saying that the carrier's figures imply that an awful lot of inventory is building up at Apple's channel partners.
"We believe the data points to a significant amount of iPhone channel inventory...This is negative in two ways: (1) it indicates end-user demand for iPhone is lower than many investors may think based on Apple's sales figure; and (2) it points to slower iPhone sales in the current quarter, since much of this inventory is likely to be drawn down," Sacconaghi wrote in his report (again, as noted by CNET).
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