Apple (AAPL) Gains as Carriers Report Strong Early iPhone 7/7+ Numbers
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Apple (NASDAQ: AAPL) had investors nervous last week when they disclosed that they would be breaking from protocol and not provide weekend iPhone 7 pre-order numbers. However, today two carriers filled the void and the early data looks impressive.
First, T-Mobile (NASDAQ: TMUS), the third-largest U.S. carrier, said, "iPhone 7 and iPhone 7 Plus pre-order, which went live at the Un-carrier last Friday, September 9th at midnight and has gone on to shatter all previous iPhone pre-order records at T-Mobile." The added that pre-orders from Friday through Monday were up nearly 4x compared to the next most popular iPhone – and Friday set a single day sales record for any smartphone ever in T-Mobile US history.
Sprint (NYSE: S), the fourth-largest U.S. carrier, followed up with their own bullish news on iPhone 7. Sprint reported that pre-orders of iPhone 7 and iPhone 7 Plus at the company are up more than 375 percent in the first three days over last year.
Commenting on the news, Stifel analyst Aaron Rakers said, "... we believe investors could consider these strong early pre-order indications as being reflective of the impact of Apple's significant iPhone installed base expansion over the past few years – our model implies ~675M installed base exiting the June 2016 quarter; estimate ~200 million pre-iPhone 6 installed base."
Rakers reminds investors that the iPhone 7 will be shipping for nine days during the September quarter, which compares to only 2 days of shipments in the September 2015 quarter.
The news has pushed shares of Apple up 2.5% to $108.11. Apple suppliers are also benefiting from the early numbers: Skyworks Solutions (NASDAQ: SWKS) +2.4%, Broadcom Limited (NASDAQ: AVGO) +0.6%, Qorvo, Inc. (NASDAQ: QRVO) +0.4%, Cirrus Logic (NASDAQ: CRUS) +0.2%.
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