Apple Notches Record iPhone 12, iPhone 12 Pro Preorders In India

Apple Inc.'s AAPL recently launched 5G-capable iPhone iteration is gaining traction, lending credence to the sell-side view that the biggest supercycle since the 2014 launch of iPhone 6 is underway.

What Happened: Buoyed by exciting promotional offers, preorders for Apple's iPhone 12 and iPhone 12 Pro in India have broken previous records, iMore.com said, citing a IANS report that quoted trade sources.

India is the world's second-biggest smartphone market. 

Preorders for the iPhone 12 and 12 Pro opened in India Oct. 23.

Those who preordered in the country will receive the new iPhones Oct. 30, the report said.

Related Link: Apple Q4 Earnings Preview: Analysts Expect Muted Quarter Ahead Of iPhone 12 Strength

Apart from authorized resellers, Apple products are now available for purchase from the company-owned online retail store that opened in India in late September.

Why It's Important: The strong interest among India consumers should bode well for the uptake of the new iPhone iteration, given the market opportunity.This positive tiding comes on top of reports from China that suggest preorders were twice that of the iPhone 11 launched last year.

Apple is scheduled to report its fiscal year 2020 fourth-quarter results Thursday after the close. Analysts expect a muted quarter before the effect of the iPhone 12 begins to show up in the coming quarters.

AAPL Price Action: At last check, Apple shares were down 3.91% at $112.04.

Related Link: Wedbush Says Tech Sell-Off A Buying Opportunity, With Bullish Forecast For Apple, Microsoft

Photo courtesy of Apple.