Microsoft (MSFT) - Get Report has set September 10 as the launch date for its Surface Duo two-screen phone, which has a starting price of $1,399. In the U.S., Microsoft is enabling preorders for the Surface Duo phone beginning on Wednesday, August 12.
The device includes two 5.6-inch OLED displays; the screens will be powered by separate batteries.
"We designed Surface Duo for people who want to get more done with the device in their pocket," wrote Panos Panay, Microsoft's chief product officer, in a blog post. "Our internal research shows that three out of four people report struggling to complete complex tasks while away from their computer. That’s because smartphones with a single screen aren’t designed for you to easily do multiple things at once."
Foldable phones could be the next big wave in the mobile industry. Recently, Samsung announced the Galaxy Z Fold 2, which is expected to cost about $2,000.
Microsoft shares at last check rose 2.7% to near $209.
Last month, the tech giant handily beat already-heightened earnings estimates, causing the stock to rise almost 4% in post-market trading. Investors were betting that the work-from-home environment would accelerate the shift in business data storage to the cloud.
Investors have also been closely eyeing a potential Microsoft acquisition of TikTok, which Jim Cramer considers a further tailwind for the company.