Best Buy shares surge after retailer sticks with its holiday-quarter outlook

iPhone 14 Pro availability continues to wane as the holiday shopping season enters full swing. Now, Apple partner Best Buy is warning that it is seeing strong demand for the flagship iPhone 14 Pro and iPhone 14 Pro Max devices, and it doesn’t have the supply to be able to keep up with that demand.
As reported by Reuters, Best Buy CEO Corie Barry acknowledged this demand pressure in a call with the media this week. One of the places where we’re seeing a bit of (inventory) pressure is in those higher-end iconic iPhone devices,” she said.
The shortage of the iPhone 14 Pro and iPhone 14 Pro Max is something that Best Buy is being forced to factor into its earnings guidance for the holiday shopping quarter this year. The company instead will rely on a “ramp up in deals and discounts” to bring more shoppers into stores.
Meanwhile, Reuters cites analyst Daniel Ives, who estimates that Apple will sell around eight million iPhone 14 units over Black Friday weekend this year. That would represent a drop of around two million units compared to the same quarter last year.