Shares of Apple are surging on reports of a growing demand for their recently released iPhone 8 and 8 Plus in Asian countries such as China. Reports for a growing demand for their premium tenth anniversary iPhone X also is receiving a huge amount of pre-orders.
Apple Inc has been performing in a downward direction following the unveiling of its latest products. Aside from the reveal of the iPhone 8 and 8 Plus, as well as the iPhone X which was released in line with the tenth anniversary of the device, Apple also unveiled a 4k Apple TV as well as the Apple Watch Series 3.
Although the release of the products meant new sales for the company as the iPhone X will be sold starting at the price of $1,000, the markets were dismayed that the premium phone would be released in November later than the usual September release date. This led to slower and lesser pre-order numbers for the iPhone 8 and 8 Plus which was released two weeks after the Apple event where the company revealed its latest products.
The company’s shares declined recently on reports of a smaller than expected pre-order numbers for the iPhone 8 and 8 Plus. Although investors and analysts expected a mostly lower demand for the iPhone 8 and 8 Plus as the markets anticipated the release of the much premium phone, the numbers were reportedly much lower than expected.
Apple shares also lost ground due to negative initial reviews regarding the Apple Watch Series 3 reportedly showing connectivity issues.
Apple which is set to release its fiscal fourth-quarter earnings this week is expected to post a revenue of $49 billion to as much as $53 million or a revenue growth of seven percent. Analysts are expecting the demand for the iPhone X to send the stock to recover in the coming weeks.
However, recent reports have revealed that the iPhone-maker was able to sell around 11 million units from the month of July until September which is considerably higher than their sales of eight million iPhones for the same period last year. The report boosted the outlook for the sales of iPhone 8, 8 Plus, and X. The iPhone X will be released in November and is expected to send the demand further higher than their recent estimated numbers. The growth in their iPhone sales was not expected after the company posted a decline in their sales in the country for the past six quarters.
Various reports currently claim that the company is receiving a strong demand for their iPhone X that has led to concerns whether the company’s production can keep up with the demand.
Join the best forex broker and follow us for more up to date news and latest stock market news