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Sprint, T-Mobile iPhone pre-orders boost Apple shares

Published 09/13/2016, 11:17 AM
© Reuters. The Apple iPhone7 and AirPods are displayed during an Apple media event in San Francisco
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(Reuters) - U.S. wireless carriers Sprint Corp (N:S) and T-Mobile US Inc (O:TMUS) said on Tuesday they received strong pre-orders for Apple Inc's (O:AAPL) iPhone 7, sending shares of the world's most valuable listed company up 3 percent.

Sprint said pre-orders were up nearly four times, compared to last year. Pre-orders also rose nearly four times at T-Mobile, compared with its next most popular iPhone.

However, the companies did not disclose specific sales numbers. Pre-orders started on Friday.

Details about sales of the new iPhone are scarce after Apple announced last week it would not release weekend sales data, saying the number was more a reflection of supply than demand.

"While the iPhone 7 update is more revolutionary than evolutionary, we believe investors could consider these strong early pre-order indications as being reflective of the impact of Apple's significant iPhone installed base expansion over the past few years," Stifel analyst Aaron Rakers said in a note.

Rival carriers AT&T Inc (N:T) and Verizon Communications Inc (N:VZ) were not immediately available for comment.

Apple's shares were up 2.8 percent at $108.19 in morning trading. Up to Monday's close, they had fallen 2.1 percent since the iPhone 7 was launched on Wednesday.

© Reuters. The Apple iPhone7 and AirPods are displayed during an Apple media event in San Francisco

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