Apple is likely to delay the launch of the new iPhone 12 series by at least two months which may take place in November instead of the usual mid-September time-frame. According to a report by investment bank Cowen, Apple's second-quarter production is expected to be 35 million units, down 5 per cent from the first quarter and down 13 per cent from the same period last year.

The analyst said that the production supply chain has generally returned to normal output rates, but downstream demand remains uncertain. Cowen predicts that Apple's iPhone shipments in the second quarter will reach 30 million.

Jon Prosser, a reliable Apple insider, earlier said there is also the possibility that a later iPhone 12 launch event could allow more people to attend in person.

Late announcement will give the Cupertino-based tech giant time to reopen more stores in different markets that are closed due to lockdown. Apple has so far reopened 256 out of its over 500 retail stores.