The iPhone 11 rolled out just over a week ago, and Apple CEO Tim Cook told the German newspaper Bild that the latest model enjoyed a “very strong start,” CNBC reported on Tuesday (Oct. 1).
Cook told the newspaper that Apple “could not be happier” with the iPhone 11 launch, although sales figures were not discussed.
JPMorgan upped its estimate of how many iPhones would sell before the end of this year to one million more sales than forecasted earlier. It also raised Apple’s target price.
Both bits of good news set off a mini rally in Apple’s share price, pushing the company’s market capitalization over $1 trillion. Apple’s suppliers in Europe also got a boost from the positive spin.
The iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max, priced between $699 and $1,099, hit stores Sept. 20. The phones have enhanced processors and improved cameras but are not 5G-enabled.
Pre-sales for the new iPhone beat expectations and topped last year’s pre-orders for the same time period. Independent research conducted by Wall Street analysts showed that first-weekend sales point to a healthy start and could offset the reduced pricing of the iPhone 11.
Apple Analyst Ming-Chi Kuo of TF International Securities also said the appetite for new iPhones is ahead of his expectations with brisk pre-sales from Chinese buyers. Kuo increased his iPhone 11 series shipment forecast from 65-70 million units in 2019 to 70-75 million units, while noting the supply chain will “grow steadily” in the fourth quarter.
Although bargains from Chinese retailers have hurt demand for the iPhone, the region had the third largest sales volume for Apple products in 2018.
The Chinese online retailer JD.com said that in one day, iPhone 11 pre-orders were 480 percent higher than last year.
Kuo noted that while demand for the standard iPhone 11 is “lackluster” in the U.S., there is an appetite for the “more expensive iPhone 11 Pro.”