By Katherine Pioro
On Friday, November 3, at the 5th Avenue Apple Store in Manhattan, lines stretched past Madison Avenue as loyal customers eagerly waited to buy the new iPhone X (pronounced “iPhone ten”). This is the same phone whose release caused financial analysts to pin Apple’s valuation at over $1 trillion, signifying a 3.7 percent rise in the Apple’s stock price.
This rise in stock price is welcome news amongst investors who feared that the iPhone X’s hefty price tag of $999 would scare off customers. This has been a successful year for Apple in general. By September 1, Apple had sold 46.7 million iPhones, surpassing analysts’ estimates of 46.4 million. With the release of the iPhone X and the holiday season coming up, Apple can expect much more success; Apple already expects iPhone X to surpass iPhone 7 and iPhone 8 sales. For instance, Apple allowed customers to place pre-orders starting on Friday, October 24. Over the weekend, pre-order shipment time increased to 5-6 weeks, which is more than the expected 1-2 weeks of the iPhone 7 and iPhone 8.
There is much speculation as to why the sales for the iPhone X have been so successful. The most likely reason is the significant technological upgrades that have accompanied its release. The upgrades, which far surpass the comparatively minor upgrades of past iPhone releases, include a 5.8 inch super retina display screen that eliminated the need for a home button as well as Facial Recognition Technology which can be used to unlock the phone and with Apple pay.
As the end of the year approaches, so long as customers do not suddenly lose interest in the iPhone X, analysts can expect Apple to maintain its impressive performance.