Apple Shares Up As iPhone X Debuts To Big Demand

Despite production woes and worries about demand, Apple announced that pre-orders for its newest smartphone, the iPhone X, are “off the charts.”

According to news from Reuters, the company’s shares, which have fallen steadily since Apple announced in early September that it would launch two iPhones within two months, rose nearly 3 percent in response.

Pre-orders for the iPhone X started today at 12:01 am PST. Apple’s site showed delivery times pushed out to five to six weeks for the phones, although they will appear on store shelves as of Nov. 3.

Apple has confirmed that it will have a stock of iPhone X smartphones in all of its retail locations — but that supplies will be somewhat limited.

“We can see from the initial response, customer demand is off the charts,” said an Apple spokeswoman. “We’re working hard to get this revolutionary new product into the hands of every customer who wants one, as quickly as possible.”

Prior to the launch, there were concerns about problems with the production of the new phone, specifically with the dot projectors in the TrueDepth camera system, which is part of Apple’s new facial recognition technology that enables users to unlock phones and pay digitally.

Wireless carriers in the United States and Canada have reported slow third-quarter customer upgrades, yet some expect a pickup in sales with the iPhone X — although there is a chance the phone’s $999 price tag could hinder some customers from pre-ordering the new device.

While major promotions of the iPhone X from U.S. carriers have yet to happen, those that have materialized have been even less generous than what was offered for the iPhone 8, said Walter Piecyk, an analyst at BTIG in a research note on Thursday. For example, Sprint Corp’s iPhone X promotion of $350 in savings for trading in an eligible device was the most aggressive, but still lower than what it offered for last year’s launch of the iPhone 7.