TOPLINE
Sold out iPhone 15 pre-orders and long queues in cities around the world signaled the launch of Apple’s latest iPhone Friday—more than a month after the company reported its third straight quarter of declining sales.
KEY FACTS
Lines formed in New York, Dubai, Shanghai and other cities for the launch of the iPhone 15, which features camera upgrades, new colors and USB-C charging among other subtle changes from the previous model.
Apple CEO Tim Cook made an appearance at one of the launches in New York, where several customers waited in line hours prior to the opening of Apple’s Fifth Avenue store.
Reservations for in-store pickups have sold out quickly, according to Bloomberg, which reported online orders for the highest-end iPhone 15 models won’t reach customers in several countries until at least mid-November—an indication of high demand.
Apple is in its most drawn out sales slump since 2016, according to The Guardian, with the company reporting last month its third straight quarter of revenue declines, with third quarter sales falling 1.4% to $81.1 billion over the last year.
Analysts expect the company to break the slump next quarter with slight revenue growth, the Wall Street Journal reported.
TANGENT
Apple shares closed up more than 0.49% at $174.79 Friday as the tech giant’s stock continues to trade up more than 39% since the start of the year.
BIG NUMBER
$39.7 billion. That’s how much revenue Apple’s iPhone brought in for the company in the third quarter.
FORBES VALUATION
We estimate Cook to be worth $1.9 billion, a sum of wealth bolstered by hundreds of millions of dollars’ worth of Apple shares he’s sold over the years.
KEY BACKGROUND
Declines in iPhone sales are the main culprit behind Apple’s minor slump, as the product typically makes up about half of the company’s total sales. The June period is typically the slowest quarter of the year for Apple. The company usually reveals its new iPhone models in September after consumers have held out on phone upgrades until the new models hit the market. However, June was the same month Apple surpassed $3 trillion in market value, making it the first company ever to reach past the mark. Apple is worth nearly as much as Tesla, Meta, Berkshire Hathaway, UnitedHealth and Visa—firms in the top 10 of America’s most valuable companies—combined.
FURTHER READING
Apple Analyst Details iPhone 15, iPhone 15 Pro Design, Display, Camera, Color Changes (Forbes)