The company’s latest iPhone 17 series, launched on September 19, has already attracted high demand in key markets like the United States and China. 

Strong demand for the high-end iPhone 17 Pro models, known for their sharper displays, expanded storage, and A19 Bionic chip, has been the driving force behind the surge. 

Research firm Counterpoint reported that iPhone 17 sales in the first 10 days were 14% higher than those of the iPhone 16 lineup, with the premium models topping orders.

According to data compiled by LSEG, Apple’s iPhone sales for the July–September quarter are projected to rise 8.6% to $50 billion, a record for the fiscal fourth quarter. 

Total revenue is estimated at $102.17 billion, up 7.6% year-on-year, while earnings per share are expected to come in at $1.77. The period captured only a few days of iPhone 17 sales, suggesting even stronger results ahead during the holiday season, Apple’s most profitable quarter.

Apple’s stock climbed 24% in the third quarter, its best performance in over two years, helping the company reach a $4 trillion market valuation on 28 October. 

However, despite this achievement, Apple is still behind some of its Big Tech competitors in market performance due to its slower integration of AI tools.

“Apple is riding high into earnings with better-than-expected iPhone 17 sales in both the U.S. and China, buoying it back to top-smartphone-provider status,” said Jacob Bourne, an analyst at eMarketer. “Yet the battle is far from won as questions about its AI standing linger.”

The company is still being investigated over its artificial intelligence strategy. Reports of high-profile talent exits and delays in its AI-powered Siri upgrade, now expected in 2026, have led to doubts about Apple’s competitiveness in an industry embracing AI. 

Bob O’Donnell, president of TECHnalysis Research, said: “They’re clearly challenged. They have not come up with any compelling offerings and they don’t seem to have a strategy that’s compelling enough to keep a lot of very high-end AI talent working there.”

In China, Apple’s September-quarter shipments also saw growth from the new iPhone lineup, despite competition from Huawei and Xiaomi. 

However, sales of the slimmer iPhone 17 Air have been sluggish. Its $1,000 price tag, single-lens camera, and delayed pre-orders in China, caused by pending eSIM approval, have numbed eagerness among budget-conscious buyers.

Beyond sales, Apple is still pushing its manufacturing diversification strategy. The company has been shifting more of its iPhone production to India to reduce dependence on China and cushion against U.S. tariffs. 

This comes with short-term costs, Apple expects about $1.1 billion in tariff-related expenses for the quarter, but analysts say the long-term benefits of its Indian supply chain could outweigh the initial impact.

While the company’s financial outlook appears strong, all eyes will be on CEO Tim Cook during the earnings call. Investors expect him to outline Apple’s next steps in AI development, a space where competitors like Microsoft and Google are already setting the pace.

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The iPhone 17 lineup overtook last year’s iPhone 16 series by 14% in early sales across the United States and China, as the base model nearly doubled sales in China. 

Analysts say that promotional discounts and coupons from retail channels in China further spurred demand.

Apple stock climbed 4.5% to $263.70, lifting its market capitalisation to $3.91 trillion and placing it just behind Nvidia, which currently holds the top spot with a valuation of over $4 trillion. The company is now set to become the third in history to reach that level, alongside Microsoft and Nvidia.

“The recent launch of online orders in China may be a positive tailwind for the Dec-qtr, as initial delivery time data reflects stronger initial demand relative to other regions at launch,” Evercore ISI analysts wrote in a note. 

The brokerage recently added Apple to its Tactical Outperform List, pointing to expectations that the company will surpass Wall Street forecasts for its current quarter and deliver optimistic guidance for the next.

Apple has been working to recover ground in China after a slow start earlier this year. The tech giant had faced competition from Huawei’s Mate 60 Pro and rising nationalist opinion that favoured local brands.

But the decision to open direct online orders in China, combined with faster delivery times, appears to have reignited momentum in the region.

Art Hogan, chief market strategist at B. Riley Wealth, said, “They rolled out the latest version of their iPhone and it’s doing much better than anticipated … the demand trends for the company’s iPhones are now on the front foot.”

In September, Apple unveiled its latest product range, including the thinner iPhone Air, while maintaining prices despite concerns over potential U.S. tariffs.

Earlier in the year, the company’s stock had been weighed down by trade issues and high import duties on goods from Asian manufacturing hubs such as China and India.

However, trust began to return in August after Apple announced a $100 billion investment plan in the United States, a move seen as both a strategic buffer against tariff risks and a reassurance to investors about its long-term outlook.

The rally in Apple’s shares also boosted suppliers such as Taiwan Semiconductor Manufacturing Company (TSMC), Hon Hai Precision, and LG Innotek.

Apple’s strong performance comes with a rally in the technology sector, driven by growing demand for AI chips, resilient consumer spending, and a change by investors towards mega-cap stocks. If the growth continues, Apple could soon join Nvidia and Microsoft in the elite $4 trillion club.

The company is scheduled to report its quarterly earnings on October 30.

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The data shows that the base model iPhone 17 nearly doubled its sales in China compared to the iPhone 16 during the same launch period. Overall, the model recorded a 31% sales increase across both countries.

“The base model iPhone 17 is very compelling to consumers, offering great value for money,” said Mengmeng Zhang, senior analyst at Counterpoint. “A better chip, improved display, higher base storage, selfie camera upgrade – all for the same price as last year’s iPhone 16.”

What’s Behind the Surge

Counterpoint attributes the outstanding start to a series of hardware upgrades that give the iPhone 17 more value without a higher price. 

The device comes with a new A19 Bionic chip, a brighter OLED display, 256GB base storage, and an upgraded 12MP front camera with enhanced low-light performance.

These improvements appear to have struck a chord with users who skipped upgrading last year, with many seeing the iPhone 17 as a stronger, longer-lasting option. 

Analysts also noted that carrier subsidies and trade-in offers boosted early adoption, especially among younger buyers and urban professionals.

Earlier in 2025, Apple faced weak demand in China as competition from Huawei’s Mate 60 Pro and other homegrown brands heated up. The iPhone 17’s strong early showing now shows a potential rebound in market share.

Stores in Beijing, Shanghai, and Shenzhen reportedly saw long queues and sell-outs for the base and Pro Max models after the global launch in September 2025. Within a month, Apple had rolled out the series in over 40 countries, marking one of its fastest international expansions.

In short, the iPhone 17’s combination of noticeable performance upgrades, unchanged pricing, and a more consumer-friendly purchase model has given Apple the boost it needed to regain its footing in key markets.

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