IPhone X Sells Out In Just 10 Minutes

Less than one day into iPhone X pre-ordering and demand is off the charts, according to Apple Inc. AAPL.

Less than 10 minutes after pre-order sales began, the most expensive iPhone model ever sold out. The news comes after concerns of weak demand for the other models, iPhone 8 and 8 Plus, experienced sluggishness in their first few weeks available for sale, causing a drop in Apple shares.

“We are thrilled to be taking orders for iPhone X, the future of the smartphone,” said an Apple spokesperson. “We can see from the initial response, customer demand is 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. We will keep accepting orders online, and iPhone X will be available at Apple retail stores on Friday, November 3 starting at 8 a.m., as well as from our carrier and retailer partners around the world.”

'Arrive Early'

Nearly all Apple’s store channels are reporting a five- to six-week delivery time for the new iPhone, set to arrive in early December, ensuring the new iPhone will be a hot gift this holiday season.

Apple did say it will have some supply for walk-in buyers in November, and customers should arrive early.

Gene Munster of Loup Ventures views the lead time for the iPhone X as a sign that demand for the phone is trending more favorably than investor expectations. According to Munster, it takes two to three months for a new iPhone to reach global equilibrium.

Apple shares were trading over 3 percent higher on Friday.

Related Link: An iPhone X Preorder Primer