Apple’s new iPhone 17 series has outsold the previous lineup in its first week on sale in the US and China.
Shares in the Cupertino, Calif.-based company jumped over 4% to reach an all-time high Monday — putting the tech giant on track to reach a $4 trillion valuation.
Apple’s new smartphone lineup – which came out in September – beat the iPhone 16 line by 14% over the first 10 days on sale in two of the company’s largest markets, according to data from Counterpoint Research.
That pushed Apple shares to $264.38 and made the company’s market capitalization of about $3.9 trillion the second biggest in the world, behind chip maker Nvidia, Reuters noted.
The iPhone 17, which retails at a starting price of $799, is in much higher demand than its corresponding model from last year, which started at the same price, according to the data.
Customers are likely excited about the new model’s improved display, additional storage and more powerful A19 chip, according to analysts at Counterpoint.
“Consumers are resonating with the base model iPhone 17 on improved specs and upgrades,” said senior analyst Ivan Lam.
“In China, sales are almost double those of the base iPhone 16 over the initial availability period – and the momentum continues to be good into October.”
The iPhone 17 and 17 Pro models come with new cameras offering four times the resolution of the iPhone 16. A big new front camera sensor is almost twice the size of the previous model’s.
Both phones contain the new A19 chip, which has the same computing power as a MacBook Pro.
The iPhone 17 Pro – which starts at $1,099 – has a new design, better zoom camera, bigger battery and an improved heat dissipation system.
The Pro is also seeing stronger demand compared to last year’s version.
It has gotten customers who bought their last phone during the pandemic to finally upgrade to a new model, Counterpoint said.
As part of this year’s new releases, Apple also unveiled the super-thin iPhone Air.
In the first major redesign since 2017, the iPhone Air is just 5.6 millimeters thick and has a “space grade” titanium frame. The Air’s $999 price tag puts it between the company’s other new models.
Apple still leans heavily on the iPhone, which accounts for roughly half of its revenue.
Last week, Apple CEO Tim Cook appeared at a launch for the new iPhone Air in China. The phone sold out within minutes of going on sale, according to the South China Morning Post.
Chinese consumers are still awaiting the rollout of the company’s AI features, known as Apple Intelligence, in the country.
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