Apple’s iPhone 7 has seen a really good start, according to new sales data from Consumer Intelligence Research Partners (CIRP). The data reveals that the device sold for just 17 days in the quarter ending September, but even in that short duration, it accounted for 43% of all iPhone sales, which is quite impressive.
CIRP co-founder Josh Lowitz said, “In a quarter with only two weeks’ of sales, iPhone 7 and 7 Plus grabbed significant share of iPhones sold. We attribute this to slow iPhone sales in the weeks leading up to the launch of these two new models, as well as a positive reception for the new 7 and 7 Plus models.”
iPhone 7 is a better upgrade than expected
Many analysts claimed that the company had reserved major changes and improvements for the device to be released next year when the iPhone turns 10 years old, while this year’s iteration would not come with any major upgrades. They claimed that it would be a boring update for the sole purpose of keeping consumers occupied until next year’s release. However, this did not turn out to be true. Even though the device lacks an overarching killer feature, it has several impressive enhancements to boast about that are sufficient to make the device a compelling upgrade, notes BGR.
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CIRP broke the data down by model and found that the 4.7-inch iPhone 7 accounted for 31% of sales, while the larger iPhone 7 Plus accounted for 12% of sales. The iPhone 7 comes with improved display technology and better water resistance.
Apple losing its grip in China
Apple’s compelling valuation and long-term potential led UBS to reiterate its Buy rating on the stock despite the fact that the company registered weak iPhone sales in China, as per the firm’s Asia research.
On Thursday, analyst Steven Milunovich said in a note to clients, “IPhone 7 interest [is] tepid … [UBS China] distributor checks find that iPhone 7 sales are weaker than the 6s was out of the box [after launch].”
Milunovich said the iPhone maker is losing share to domestic handset makers in China. Further, the analyst noted that Apple’s brand is still strong, but the App Store is not only slow but difficult to access as well. The company will announce its fiscal fourth quarter financial results on Tuesday.
On Thursday, Apple shares closed down 0.05% at $117.06. Year to date, the stock is up more than 9%, while in the last year, it is up more than 5%. The stock has a 52-week high of $123.82 and a 52-week low of $89.47.