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The recent record run in Apple Inc. (NASDAQ:AAPL) shares is not without reason.
The technology giant is getting its mojo back following the launch of the latest iteration of its flagship product, the iPhone.
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Apple unveiled its iPhone 11 line up Sept. 10, rolling out three variants: the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max.
Investors were particularly anxious about the uptake, especially as the company's tenth anniversary iPhone, launched in 2018, was widely seen as a failure.
Despite the skepticism, the company has redeemed itself creditably, with the sales of the new models in the first few months exceeding expectations.
Back To Growth
Sales of the iPhone have been robust in the months of September and October, Bloomberg reported, citing internal calculations based on data released by the China Academy of Information and Communications Technology, or CAICT.
CAICT is a unit of China's Technology Ministry.
Apple reportedly sold 10 million iPhones in September and October, a 6% year-over-year increase.
The CAICT report said Chinese domestic smartphone shipments came in at 34.6 million units in October, representing a 4.5% drop, and accounted for 96.2% of the total mobile phone shipments.
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About 86% of the sales comprised Android phones, the report said.
For September and October together, smartphone shipments were down 5% to 69.3 million units.
Pricing Helps
The company said on its recent earnings call that sales in China improved from a decline in the 20% range at the start of the year to a 2% drop in its fiscal fourth quarter, thanks to easing trade tensions, better reception of the latest models, pricing, monthly payments and trade-in offers.
Wedbush's recent Asia checks have been positive, the firm said in a recent note.
"In China, around 60 to 70 million iPhones are in the 'window of an upgrade opportunity' and, given lower pricing, better camera technology and challenges being faced by Huawei at the high-end of the market, iPhone 11 sales could be strong here," said analyst Daniel Ives.
This should augur well for Apple, which suffered a setback in China for much of this year due to intensifying rivalry with local manufacturers such as Huawei and Xiaomi.
Apple shares were trading slightly positive at the time of publication Monday at $265.91.
Related Links:
Wedbush Raises Apple's Price Target On Better Demand Trends
New Bear Takes A Bite Out Of Apple: Maxim Downgrades Stock To Sell
Photo courtesy of Apple.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.