Apple shares (NASDAQ:AAPL) recorded a new intraday high on Monday following reports that revealed a strong and rising demand for their premium iPhone X unit.
The company unveiled three new iPhone devices this September at their annual Apple event. During the event, Apple unveiled the iPhone 8 and 8 Plus, as well as the iPhone X which is released in celebration of the tenth anniversary of the device. Although the iPhone 8 and 8 Plus was released two weeks after the event, investors and analysts were dismayed to hear that the premium iPhone X will be released two months later in November.
This led to lesser than expected demand and sales reports for the iPhone 8 and 8 Plus. Although most investors expected slightly smaller order numbers for the iPhone 8 and 8 Plus, estimated numbers and reports have previously revealed during the past month that the company has been receiving far less pre-order numbers for the said unit as the markets awaited the release of the iPhone X.
Although Apple shares suffered in the past couple of months due to weak sales outlook as well as mixed reviews on its Apple Watch Series 3 which was released alongside the latest iPhone line, Apple’s stock traded to a new all-time high on Monday to $168.07 per share following reports of surge in the demand and pre-orders for the special tenth anniversary edition of the iPhone.
The pre-orders for the premium iPhone which began last week also happens to be the company’s most expensive iPhone which will be sold starting at a selling price of $1,000. The device is known to have features such as facial expression unlocking and wireless charging capabilities.
Various reports have recently surfaced stating that the demand for the iPhone X has been growing with speculations for the iPhone X supply to come at around two to three million devices following its availability which will be sold in stores starting this week.
Although Apple has not officially revealed numbers in the past, analysts have noted that the current supply will be lower than to that of the iPhone 6 release which was estimated to have come at around six to ten million during its official release. During the past couple of months, various sources have stated that Apple might have faced issues in the production of the latest iPhone units due to its brand new design.
Due to the initial pre-order reports for the iPhone X, Apple shares have recorded a new intraday high and is expected to surge further in the coming days as the company releases its quarterly earnings report and kicks off the official selling of its iPhone X in its retail stores.