Apple’s iPhone 15 Goes on Sale Around the World
Apple (AAPL) was up about 0.7% in early trade on Friday as its latest line-up of products, including the new iPhone 15 series, was rolled out in countries around the world.
KEY TAKEAWAYS Apple’s latest products, including its iPhone 15 series, were rolled out in 40 countries today.Despite the iPhone curbs in China, consumers lined up to buy the latest iPhone.Analysts expect pent up demand to boost average selling price for Apple.The iPhone 15 Pro and Pro Max models are expected to be Apple’s best sellers this year.
Buyers in some countries, including the U.S., Japan and China, may have to wait till November for their new iPhone 15 Pro Max because of strong demand. The high customer appetite will most likely ease worries about the global slump in the smartphone market, which dragged down iPhone sales in the last quarter.
In China, people lined up outside stores to get their hands on the latest iPhone. China accounts for about a fifth of Apple’s sales, but there were concerns about the demand for the latest products after reports of a ban for use by government officials. The Chinese government clarified that there was no explicit ban, but raised questions about security issues related to the devices.
On sale in 40 countries in the first wave, iPhone 15 Pro and Pro Max models are projected to be the tech giant’s biggest sellers for the rest of the year. iPhones account for more than half of Apple’s revenue, and analysts say the sold-out pre-orders and long lines bode well for the company’s growth.
“iPhone 15 pre-orders are still tracking much stronger than we and the Street originally expected and up roughly 10%-12% from iPhone 14 based on our analysis. The mix is heavily skewed toward iPhone 15 Pro/Pro Max with Pro Max exceptionally strong in the U.S., China, India, and parts of Europe,” analysts at Wedbush Securities said in a note.
This launch will likely get a boost from pent-up demand, as by their estimates, more than 250 million or almost a fifth of the 1.2 billion global iPhone users have not upgraded their phones in more than four years.
Market expectations are that consumers will opt for the pricier iPhone models during the holiday season and hence give Apple a boost in its average selling price.
Chinese telecommunications giant Huawei launched its Mate 60 Pro two weeks prior to Apple’s launch event, which may compete with the iPhone 15. With its advanced chip, it could help make the once-biggest smartphone makers in the world make a comeback.
