Foldable 'iPhone Duo' Sparks Sales Frenzy...Preorder Stock Sells Out on Day One

[Financial News]  

Apple's foldable phone, the 'iPhone Duo,' sold out on the first day of preorders, the 16th (local time). Amid the iPhone Duo's sales frenzy, Apple shares rose more than 0.4% that day despite a sharp drop in the New York stock market.
According to CBS News, Dan Ives, a prominent Wall Street technology analyst, said in an analysis note that the iPhone Duo had sparked a sales frenzy.
Ives, a partner at 'Yorkville Ives,' said in an analysis note, "Apple began taking preorders for the iPhone Duo this morning," adding, "Demand for Apple's first foldable phone is far outstripping supply as soon as orders opened."
Preorders for Apple's iPhone Duo began online at 8 a.m. Eastern Time that day. However, just minutes after preorders opened, delivery dates were pushed back to next year, well beyond the official launch date of October 23. With orders piling up, as of that afternoon, customers who preorder an iPhone were not expected to receive it until late January next year.
Market research firm Creative Strategies analyst Max Weinbach said on social media platform X, "Within three minutes, the iPhone Duo sold out at every store in New York City and the surrounding area in Connecticut." Along with New Jersey, Connecticut is considered part of the same region as the New York metropolitan area, connected to it by public transit.
With preorder stock selling out almost as soon as online orders opened, many buyers are expected to line up early outside stores to purchase some of the units available there on the official launch day. The iPhone 18 Pro, released last month, is struggling, but some analysts' view that the iPhone Duo will help Apple's fourth-quarter results beat expectations has gained traction.
Last week, Deepwater Asset Management partner Gene Munster was optimistic in an analysis note that the Duo would ship close to 20 million units in its first year.
Bloomberg Intelligence also forecast that Duo sales would exceed its previous estimate of 14 million units.

[email protected] Song Gyeong-jae Reporter