Apple’s flagship new mobile device opened for pre-order last night and the company said demand was « off the charts. »
Apple fans may be miffed about the supply chain delays hitting the much-anticipated new iPhone X, but Apple investors don’t have much to worry about, according to a Wall Street analyst.
« It’s certainly better than the alternative, » meaning lower demand, Andy Hargreaves, an analyst at KeyBanc, told CNBC’s Power Lunch on Friday.
Pre-orders for Apple’s flagship new mobile device began overnight, and the company said demand was « off the charts. »
For many people who pre-order the phones, however, that heavy interest means the $1,000 phone won’t ship until at least December. One analyst said Apple had at most 3 million devices on hand, despite selling as many as 13 million iPhones in the opening weekend of the iPhone 6S.
That shouldn’t be a problem for Apple shares, however.
Hargreaves said that if revenue misses because of supply, « that’s something that investors would largely look through. »
Apple customers will be able to pick up the 10th anniversary Apple phone in stores starting Nov. 3.
« We’re working hard to get this revolutionary new product into the hands of every customer who wants one, as quickly as possible, » Apple told CNBC .
Apple shares rose more than 3.5 percent late Friday afternoon, at $162.99. The stock is up more than 40 percent so far this year.
