Following a report highlighting a robust demand for Apple's new iPhone 17 series in the U.S. and China, the tech giant witnessed its shares surge to an unprecedented peak. These markets represent the majority of Apple’s phone sales, and the iPhone 17 has demonstrated impressive initial sales, eclipsing its predecessor, the iPhone 16 by a notable 14% during its first 10 days of availability, as per data from Counterpoint Research.
Apple shares experienced a near 4% boost, closing at a record high and positioning it amongst the top performers in the Dow Jones Industrial Average on Monday.
The sales surge for iPhone 17 is a testament to the strong brand loyalty and resilient consumer spending power in spite of prevailing economic adversities. According to Counterpoint, the base model of the iPhone 17 emerged as a significant contributor to Chinese sales, the premium iPhone 17 Max, conversely, enjoyed high demand in the U.S.
The base model's striking demand in China was attributed to the phone's "great value" for its enhanced performance features which include an improved chip, better-quality display, upgraded selfie camera and higher base storage, all available at the same price point as the iPhone 16. The volume of iPhone 17 base model sales in China almost doubled that of iPhone 16 sales in the similar period.
Simultaneously, sales of the iPhone 17 Pro Max surged in the U.S. with customers eager to upgrade their phones purchased during the COVID-19 pandemic, coupled with attractive subsidies from large carriers. The stock prices reflected in this article have been updated to accommodate recent changes.