Monday, October 30, 2017

First-day preorders for the iPhone X sell out in minutes, Apple says demand is 'off the charts'

First-day preorders for the iPhone X sell out in minutes, Apple says demand is 'off the charts'

iphone xYouTube/MKBHD
  • The iPhone X became available for preorder early Friday morning.
  • Only people who ordered in the first few minutes will get their preorder the first day it comes out, though.
  • Analyst Gene Munster found that first-day iPhone X deliveries in the US from Apple were mostly sold out in 17 minutes and totally gone in 38 minutes.
  • Apple stores will also have stock next Friday, though Apple advises to get in line early.


Apple's most advanced iPhone saw its shipping times slip to weeks in the minutes after it first went up for preorder on Friday morning.
The iPhone X starts at $999 and comes in two colors, with each color coming in two models with different amounts of storage.
Less than an hour after launch, models for all four US carriers on Apple's online store were showing delivery times weeks after the device's November 3 launch date.
In some cases, Apple's website now says the iPhone X would be delivered in "2-3 weeks." Other people got confirmation messages that said their iPhone X wouldn't ship for four to five weeks.
Some people on social media reported issues with the official Apple Store app, which Apple retail officials had called the fastest way to preorder. Carriers such as AT&T also appeared to have limited inventory.
In a statement sent to media outlets, an Apple spokesperson said that demand was "off the charts."
"We’re working hard to get this revolutionary new product into the hands of every customer who wants one, as quickly as possible," the statement continued, mentioning that Apple stores will have stock on November 3.
Loup Ventures founder and Apple analyst Gene Munster has provided some additional data on just how quickly Apple's stock of first-day iPhone X units ran out. His firm checked "lead times," or Apple's estimate shipping date, eight times on Friday morning.
iPhone X preordersScreenshot
He found that, at least in the US, all iPhone X models except for those for the Sprint network were showing two- to three-week shipping times as of 3:17 a.m. Eastern Time on Friday morning, or 17 minutes after the official start of pre-orders.
The iPhone X will be in short supply for the rest of the year, according to reports from Apple's factories in Asia. The reason for the shortage is that several of Apple's components, like the 3D True Depth camera, are delicate and difficult to manufacture.
One analyst predicted that only 2 million to 3 million iPhone X units would be shipped by launch time.
The iPhone X is desired by Apple fans for several reasons:
  • It's Apple's highest-end iPhone.
  • It features a visually different design from older iPhones.
  • The screen covers a much larger percentage of the front than that of older iPhones.
  • The screen uses a new technology called OLED that sports blacker blacks and other benefits.
  • It has a longer battery life than the iPhone 7.
  • It has a 3D depth-sensing camera on the front of the phone called TrueDepth.
  • TrueDepth is used to unlock the phone, taking the place of the fingerprint sensor.
If you weren't lucky enough to nab a preorder, your best bet is to line up at an Apple store or another authorized retailer on Friday. Just get there early.
More: Apple iPhone X

Microsoft reports a big beat on earnings, stock spikes up almost 4%

Microsoft reports a big beat on earnings, stock spikes up almost 4%

SatyaNadella2016Microsoft CEO Satya Nadella AP
Microsoft's fiscal first quarter earnings beat Wall Street expectation on both the top and bottom lines.
Shares in the company, which reported its results after the closing bell on Thursday, inched up almost 4% to about $81.75 in after-hours trading.
Microsoft reported:
  • Adjusted earnings: $0.84 versus $0.72 expected.
  • Revenue: $24.5 billion versus $23.56 billion expected.
Investors will likely be pleased by the progress Microsoft showed in its all-important cloud computing business. In the just-completed quarter, that business met and exceeded the company's goal of $20 billion in annualized revenue.
The company's Productivity and Business Processes unit, which encompasses its Office business, its Dynamics customer relationship management service, and LinkedIn, saw a year-over-year revenue gain of 28% to $8.2 billion. Bolstering these results were the rapid growth of Microsoft's cloud services. Revenue from the Office 365 cloud productivity suite was up 42% from the same period a year ago, and revenue from the Dynamics 365 cloud product was up 69%.
Meanwhile, revenues from Intelligent Cloud, the company's unit that includes its Azure cloud computing service, was up 14% from the year ago-period to $6.9 billion. Azure by itself came within spitting distance of doubling its revenue, growing 90% from the year-ago period. Microsoft doesn't disclose the actual dollar amount of Azure revenue. 
Finally, Microsoft's More Personal Computing unit, which includes its Windows, Surface PC, and Xbox businesses, was flat from the year-ago period, booking $9.4 billion in revenue. The business of licensing Windows out to PC manufacturers was up 4%. By contrast, the PC industry as a whole is still shrinking. 
Surface revenue by itself was up 12% from a year ago, which is good news for Microsoft following a dip in the previous quarter. And the Xbox division was up 1%, with a big boost to Xbox software and services offset by the lower average selling price of the Xbox One console itself.
Despite the growth in those areas, the continued winding down of Microsoft's smartphone business continued to take its toll, with "immaterial" phone revenue contributing 3% points of decline to the More Personal Computing unit's numbers. 
Get the latest Microsoft stock price here.

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