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According to Business Insider, Wall Street analysts have begun cutting Apple estimates after rumors that the iPhone 5 won’t launch on its previously expected schedule. Many reputate site have predicted that Apple will not unveil the iPhone 5 at WWDC or launch the device this summer. Many are predicting a fall or even early 2012 launch.

Jefferies analyst Peter Misek, announced the following cuts in a note:

● FY 2011 revenue trimmed 4% to $103 billion from $106.9 billion (Apple’s fiscal year ends in Sept.)
● FY 2011 EPS trimmed 5% to $23.03 from $24.17 (still above $22.93 consensus)
● FY 2011 iPhone shipments cut 8% to 65.7 million from 71.7 million (basically a 15% cut for the June and Sept. quarters)
● FY 2012 iPhone shipments cut 6% to 89.1 million from 94.9 million

Monday word came that Apple would not release the iPhone at the upcoming developer’s conference set for June. Traditionally, Apple unveils a new iPhone during this period. However, in announcing this year’s WWDC, Apple said the conference would be a preview of “the future of iOS and Mac OS X.” Instead, Apple likely will introduce its cloud-based data locker, as well as the updated iOS.

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