Apple shares hit an all-time high as analysts say that iPhone X pre-orders are ahead of expectations
Pre-orders for the Apple iPhone X were strong enough to send Apple's shares to an all-time high
The catalyst for the rally is the strong showing made by the Apple iPhone X once pre-orders were opened up Friday morning. Apple said that orders for the tenth anniversary model were "off the charts," and that the number of units reserved were much higher than the company expected. Apple reportedly has told its suppliers in Taiwan to double capacity as it expects heavy demand for the premium model to continue.
Apple has been having problems producing the iPhone X due to a few new features including the OLED display and the complex TrueDepth Camera used for the facial recognition system known as Face ID. As a result, minutes after the phone was opened to pre-orders, Apple sold out its stock and had to resort to back-orders to keep the reservations coming. Delivery times remain at 5 weeks to 6 weeks for newly placed iPhone X pre-orders. That compares with 2 to 3 weeks for last year's Apple iPhone 7 Plus, and 2-4 weeks for the Apple iPhone 6 and Apple iPhone 6s.