Apple's Premium Customers Help Company Score Through Inflation, Slowdown, iPhone Preorder Data Reveals

Apple Inc AAPL counted on well-heeled shoppers to make the iPhone 14 a success as it hits the stores today amid roaring inflation and shaky technology spending, Bloomberg reports.
The iPhone 14 lineup reserves the best features for the high-end Pro models costing at least $1,000. The strategy clicked with consumers as per preorder data.
The appetite for top-tier phones kept demand ticking for Apple as the industry scaled back plans.
Also Read: iPhone 14 Pro Models Preorders Reflect Loyal and Sticky Customers Amid Economic Slowdown, Apple Analyst Says
Evercore ISI analyst Amit Daryanani acknowledged robust demand for the iPhone 14 Pro and Pro Max.
"Apple continues to gain significant share in China, and we expect the share gains to continue," he said.
Morgan Stanley analyst Erik Woodring also vouched for Apple's strategy of high-end model differentiation paying off with its lead times surpassing expectations.
Apple surprised analysts by not raising its prices while it continued to upsell consumers more than ever before.
The preorder data suggests the iPhone 14 Pro Max is more in demand than the same model was last year, part of the shift upscale, as per KGI Securities.
Analysts expect the iPhone's early release will likely drive Apple's revenues for the December quarter, which is the company's blockbuster quarter as it includes the holiday spending.
Additionally, Apple designed its AirPods Pro and a first-ever Apple Watch Ultra model like the Pro iPhones to be both bigger and better and cost a bit more.
Price Action: AAPL shares traded lower by 0.96% at $150.90 in the premarket on the last check Friday.

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