Apple's $1,999 iPhone Duo sells out on first day of preorder

Summarised from CNBC's report · Updated 17 Oct, 00:20 · Archive

Apple's new foldable iPhone Duo, priced from $1,999, sold out for launch-day pickup within hours of preorder opening.

Apple's iPhone Duo, its most expensive iPhone ever, sold out for launch-day pickup when preorders opened on Friday, with some online delivery estimates already pushed into late January. The foldable phone starts at $1,999 and reaches over $3,000 for the top storage tier. Apple described the early demand as 'nothing short of extraordinary' and said it was 'working hard' to get the product into customers' hands.

The early rush suggests Apple's strategy may be working: to use a dramatic new design to persuade its highest-spending customers to spend more and further reinforce the iPhone as a status symbol. Analysts told CNBC that the bet is not that foldables become a mass-market product, but that a relatively small group of high-spending customers become significantly more valuable. Foldables are expected to make up just over 2 per cent of global smartphone units this year but nearly 7 per cent of industry revenue. By 2030, the category is expected to account for 10 per cent of smartphone revenue while still representing only about 3 per cent of units.

Read the report

• Apple’s $1,999 iPhone Duo puts the company's status-symbol power to the testApple’s $1,999 iPhone Duo is drawing early demand as analysts assess whether the foldable can lift iPhone pricing and revenue.CNBC · 16 Oct, 19:55

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