Apple‘s (AAPL) market capitalization is closing in on the $4 trillion mark after the company’s stock price hit an all-time high on Monday following a counterpoint Research report saying initial iPhone 17 sales have outpaced iPhone 16 sales in the US and China.
Apple’s stock price rose less than 1% in early trading Tuesday.
According to the report, iPhone sales jumped 14% year over year in the first 10 days the phones were available in the region. Standard iPhone 17 sales grew by nearly one-third.
“The base model iPhone 17 is very compelling to consumers, offering great value for money,” Counterpoint Research senior analyst Mengmeng Zhang said in a statement.
“A better chip, improved display, higher base storage, selfie camera upgrade – all for the same price as last year’s iPhone 16. Buying this device is a no brainer, especially when you throw channel discounts and coupons into the mix. Simply put, it provides extremely good value-for-money, and Chinese consumers are rewarding Apple for that,” Zhang added.
Apple stock is up 4.8% year to date and 11.7% over the past 12 months.
Prospective buyers view the iPhone 17 Series at Grand Indonesia Mall in Jakarta, Indonesia, on Oct. 17. (Faisal Ramadhan/NurPhoto via Getty images) NurPhoto via Getty Images
Apple’s latest iPhones pack a number of major improvements, ranging from camera upgrades to more powerful processors to longer battery life.
The $1,099 iPhone