Thin supply of iPhoneX in India as device sells out within minutes
The stock market value of technology giant Apple topped $900 billion for the first time in its history following the latest upbeat results coinciding with the launch of the iPhone X in 55 countries, including India.
In the first minutes after the opening of the stock market on Wall Street, Apple shares spiked more than 3 per cent, taking the California firm above $900 billion in stock market value for the very first time. It has closed its 2017 fiscal year with annual profits above $48 billion, while sales took in some $230 billion.
The new device is noteworthy for its 5.8-inch touch screen, elimination of the start button and Face ID.
In India, amid heavy demand, only a few of those who had pre-booked the phone in the first slot, received their units as retailers and online players were handed over a thin supply of the Rs 89,000 (starting price) device on Day 1.
At the iWorld Store in north Delhi’s Kamla Nagar, only three people were handed over the phone in the first hour after the doors of the showroom opened at 6 pm.
Raj became the first person to buy an iPhone X at the store. “I have bought a 256 GB variant for 1.02 lakhs. I had prebooked it as soon as the booking was thrown open. I was using iPhone 7 Plus earlier,’’ Raj told IANS.
Some authorised resellers and corporate partners were left disappointed at the limited stock being handed over to them. "Don't expect any beeline for iPhone X in India as the company has handed over very limited stocks -- some received a mere 15-20 units,’’ an Apple authorised Corporate Partner said on condition of anonymity.
Another Apple authorised reseller refused to divulge the number of units he received for delivery on Friday. "iPhone X on Airtel Online Store was sold out within minutes of opening of sale. Airtel will notify customers once fresh stocks arrive," an Airtel spokesperson said in a statement.
An Amazon spokesperson had earlier said that within few minutes of the pre-orders on October 27, iPhone X went out of stock.