Apple (AAPL) was up roughly 0.7% in early Friday trading as its newest product lineup, including the new iPhone 15 series, was pushed out in nations across the globe.
Due to high demand, buyers in several countries, including the United States, Japan, and China, may have to wait until November for their new iPhone 15 Pro Max. The robust consumer appetite would most likely alleviate concerns about the worldwide smartphone market decline, which pulled down iPhone sales in the previous quarter.
People queued outside retailers in China to get their hands on the newest iPhone.3 China accounts for around one-fifth of Apple’s sales, but there have been worries about demand for the newest gadgets after allegations of a restriction for usage by government officials. The Chinese authorities confirmed that there was no specific prohibition, but highlighted concerns about the gadgets’ security.
The iPhone 15 Pro and Pro Max versions, which went on sale in 40 countries in the initial wave, are expected to remain the tech giant’s top sales for the rest of the year. iPhones account for more than half of Apple’s sales, and experts think the company’s growth will be aided by sold-out pre-orders and lengthy lineups.
“Based on our analysis, iPhone 15 pre-orders are still tracking much stronger than we and the Street expected, and are up roughly 10%-12% from iPhone 14.” “The mix is heavily skewed toward iPhone 15 Pro/Pro Max, with Pro Max particularly strong in the United States, China, India, and parts of Europe,” Wedbush Securities analysts said in a note.
This launch will most certainly benefit from pent-up demand, as they estimate that more than 250 million, or about a fifth of the world’s 1.2 billion iPhone owners, have not changed their phones in more than four years.
Market estimates are that over the Christmas season, buyers would choose the more expensive iPhone models, giving Apple a lift in its average selling price.