Apple Inc. (AAPL) stock is on a tear, thanks to the positive momentum generated by high iPhone expectations.
Based on preliminary data from Consumer Intelligence Research Partners, the following are some key insights on how the company’s flagship product performed in the third quarter.
Apple Emerges Stronger From Pandemic: According to CIRP, Apple has emerged stronger from the COVID-19 pandemic, leveraging greater customer spending. Higher average selling prices for iPhones and greater purchases from Apple’s retail stores are among the significant takeaways, according to the company.
High-End Models Move Quickly: According to the company, the four iPhone 12 models accounted for around 63 percent of overall iPhone sales in the third quarter in the United States.
In the third quarter of 2020, the iPhone 11 models accounted for around 65 percent of overall U.S. sales, according to the report.
In the third quarter of 2021, the iPhone 12 Pro Max and iPhone 11 both had a 23 percent share. At 5% each, the iPhone 12 mini and iPhone XR had the least market share.
In the June quarter, the iPhone’s weighted average retail price in the United States was $869, up from under $800 the previous quarter.
Why This Apple Stock Analyst Thinks It’s Time To Buy As The Number Of Retired Phones Drops: In the June quarter, almost 37% of customers kept their phones for two years or less, and 30% of buyers kept their previous phones for three years or more, according to the research firm. This compares to 35% and 34% for the 12 months ending in the March quarter, respectively.
Apple Store Locations Are In Demand: According to CIRP data, Apple retail outlets raised their percentage of overall sales to 27 percent in the June quarter, up from 14 percent in the March quarter.
In the June quarter, carriers sold around 66 percent of total iPhone units, compared to 77 percent in the March quarter.
“Apple did exceptionally well in the aftermath of the COVID-19 outbreak,” said Josh Lowitz, CIRP partner and co-founder.
“Consumer spending increased as they replaced outdated phones with more expensive iPhone models and shopped more at Apple’s own retail outlets to purchase those iPhones. As a result, we estimate that US-WARP, the analogue to Apple’s no longer disclosed Average Selling Price, increased in the quarter.”
Apple’s stock was down 0.96 percent at $147.72 at the time of writing.
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