Reports: Apple HomePod Sales Are Disappointing, Company Lowers Sales Forecasts
Reports out this week say that sales of Apple's much-hyped HomePod smart speaker haven't met early expectations and the company has cut back its sales forecasts for the product.
While HomePod launched with strong pre-orders in January, sales have slowed since the product hit the market, according to a Bloomberg story that said inventory is piling up on store shelves.
The story said Apple has already cut orders with Inventec, one of the contract manufacturers that makes the device. And analyst firm KGI Securities has reportedly cut its sales forecast for the product to just 2.5 million units in 2018.
Observers say Apple is way behind Amazon's Echo product, which has about 73 percent of the market, Google Home and other competitors.