Investors looking ahead to Apple’s Christmas period are being told to expect the unexpected, as analysts predict a dampened holiday season for the tech giant due to the effects of the pandemic.

Goldman Sachs, one of Apple’s most prominent bears with a long-term sell rating on the stock, said Apple’s December quarter will be plagued by longer production times, Covid-19 risks in its supply chain and reduced iPhone revenue. The Christmas period is usually Apple’s most bumper quarter, raking in a record $91.8bn in revenue last year.