Apple Shares Rise on Strong iPhone Duo Preorder Sales
On October 16, Apple's stock edged higher as pre-orders for its new foldable iPhone Duo sold out quickly within minutes of launch. The device features a dual-screen design and delivery dates have been pushed to late January due to high demand. This surge in interest has helped push the company’s shares closer to their 52-week high. Apple reported record performance during its third quarter ending June 27, with revenue reaching $109.4 billion—a year-over-year increase of 16%. While it exceeded Wall Street expectations for both revenue and profit, investor sentiment was later tempered by a softer near-term outlook. The company is expected to provide further guidance on demand trends during its November earnings call. The broader market saw declines with the S&P 500 down 1.09% and Nasdaq Composite falling 2.14%. Other tech giants like Microsoft and Alphabet also experienced losses, as investors remained cautious about AI-related debt pressures and semiconductor industry challenges.
Topics: Apple foldable smartphone iPhone Duo pre-orders stock price movement
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Part of the story iPhone Duo Available for Preorder at $1,999 (6 articles)