Shares of Apple Inc. (NASDAQ:AAPL) were up 0.22% in afternoon trading on October 23. The stock has dipped 2% week-over-week as sales of its recently-launched iPhone 8 have concerned some investors. The company also plans to launch the iPhone X in late October and early November.
Smart phone enthusiasts have pointed to the lack of enhancements in the iPhone 8 as part of the reason for the lack of demand. The upcoming iPhone X may also be cutting into excitement. This is somewhat surprising considering the amount of hype leading up to the reveal, which marked the 10 year anniversary of the launch of the original iPhone.
Historically iPhones have sold out quickly in pre-order after launch, which makes it particularly concerning that the iPhone 8 has failed to generate this degree of interest. Many units are still available for pre-order.
Investors should be keeping a close eye on how the iPhone X will be received. Its success will be a significant indicator moving forward. The continued success of Samsung smart phones as well as the launch of the Alphabet Inc. smart phone Google Pixel has introduced intense competition for Apple.
Still, Apple stock has increased 35% in 2017 and 34% year over year. Though a disappointment with its upcoming iPhone X would be a blow that could push down the stock it could present an attractive buying opportunity. Apple still boasts a bevy of popular products and is making inroads with its autonomous vehicle technology.
