The newly released iPhone 17 series has surpassed its predecessor in sales within the first week of its launch in the US and China.
Apple’s stock jumped over 4% on Monday, reaching record heights and bringing the company’s valuation closer to a staggering $4 trillion.
Launched in September, the iPhone 17 series outsold the iPhone 16 series by 14% during its first 10 days in Apple’s largest markets, as noted by Counterpoint Research.
This surge in sales raised Apple’s stock price to $264.38, giving the company a market cap of around $3.9 trillion, thus positioning it as the world’s second-largest company, only behind Nvidia.
Data suggests that the iPhone 17, priced from $799, is seeing significantly stronger demand than last year’s model, which also launched at the same price point.
Analysts at Counterpoint attribute the excitement to the new model’s enhanced display, extra storage, and upgraded A19 chip.
Ivan Lam, a senior analyst, mentioned, “Customers appreciate the improved specs and upgrades with the base model iPhone 17.”
He also pointed out that the sales of the iPhone 16 were nearly double those of its base model during its initial sales period, indicating ongoing momentum into October.
The iPhone 17 and 17 Pro feature a revamped camera that offers four times the resolution of the iPhone 16, and the new front camera sensor is nearly twice the size of the previous iteration.
Along with the A19 chip, which matches the processing capabilities of the MacBook Pro, the iPhone 17 Pro (starting at $1,099) comes with a redesigned look, upgraded zoom camera, larger battery, and enhanced heat management system.
The Pro model is also witnessing greater demand compared to last year’s version.
Counterpoint notes that those who last purchased a phone during the pandemic are now looking to upgrade to a newer model.
This year’s releases also include the ultra-slim iPhone Air, which marks the first significant redesign since 2017. At just 5.6mm thick, it features a “space-grade” titanium frame, priced at $999, which places it between other new models.
Apple continues to rely heavily on the iPhone for its revenue, with the device accounting for about half of its total sales.
Recently, CEO Tim Cook attended the launch of the new iPhone Air in China, where the device reportedly sold out within minutes.
Meanwhile, Chinese consumers are still awaiting the rollout of the company’s AI features, dubbed Apple Intelligence.
