Cook's told the widely-read German daily, Bild, during a visit to Apple's various outlets in Europe's biggest economy this week that he "could not be happier" with the iPhone 11 launch. His comments boosted shares in the tech giant on Wall Street last night and added to gains for companies in its European supply chain in early Tuesday trading.
Upward momentum for the stock, which lead the FAANG complex with a 10% gain for third quarter, also came from analysts at JPMoragn, who see iPhone shipment volumes of around 44 million for the three months ending in December, and rising to 63 million in the following quarter, thanks to "solid" demand for 5G smartphones. The bank also reiterated its "overweight" rating on Apple with a December 2020 price target of $265 per share.
Austria's AMS AG (AMSSY) , which earns around a third of its revenues from chip sales to Apple, was marked 3.3% higher in Vienna, while Milan-listed STMicroelectronics NV (STM) - Get Report was marked 1.1% higher. Infineon Technologies AG (IFNNY) , Europe's biggest chipmaker, topped the DAX performance index with a 1% gain.
Apple's U.S.-listed shares, meanwhile, were marked 1.3% higher at the top of the Dow Tuesday at $225.40 each, after gaining 2.35% yesterday, and changing hands at $209.47 each, a move that gives the group a market value of around $1.1 trillion.
Apple unveiled its new suite of iPhones earlier this month, with product experts focused on the phones' new camera technology and longer batter life while financial analysts on the smartphone's aggressive pricing in U.S. dollars, which was discounted to previous roll-outs, and the impact it would have on the group's overall profit margins.
Apple's gross margins have been narrowing for the past few quarters, falling 700 basis points from the same period last year to 37.6% over the group's fiscal third quarter.
Apple no longer provides a breakdown of iPhone unit sales, making average selling price estimates nearly impossible to calculate, but indicated a 12% year-on-year contraction last quarter as customers -- particularly outside of the United States -- balked at the $1,099 price point for last year's iPhone XS Max.