The share price of tech giant Apple (AAPL) is holding steady despite some backlash from gadget buyers in certain countries over scratches found on select versions of the latest iPhone models. This taints what would have been an otherwise seamless sales launch for Apple.
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According to Bloomberg, some scratches can be found on the deep blue variant of the iPhone 17 Pro and Pro Max on display at Apple stores in Shanghai, Hong Kong, and London. A similar issue was also observed with the black variant of the iPhone Air, the new ultra-thin smart device.
However, it remains unclear if the blemish is a universal problem in all new releases. Apple’s shares were trading at 2% higher as of 11:07 a.m. on Friday morning to reach about $243 per share.
Will Shoppers’ Complaints Taint Sales?
According to reports, complaints from buyers in China are currently one of the top trending topics on the popular social media platform Weibo. This is generating a buzz with millions of views.
China is Apple’s second-largest market after the U.S., and whether this hiccup could pose a challenge for sales in the country remains to be seen. This is even as early orders have pointed to strong demand for the latest smartphones across Asia, with China driving the pre-order frenzy.
Furthermore, this comes as Apple was forced earlier to delay the launch of the iPhone Air in China due to regulatory issues related to the new model’s eSIM feature that replaces traditional physical SIM cards. The iPhone Air, which is just 5.6 millimeters thick and has a titanium frame, marked Apple’s first major iPhone redesign in nearly a decade.
Analysts expect the latest models, particularly the iPhone 17 series, to improve sales for Apple in China, putting it in a better position against competitors such as Xiaomi (XIACF) and Huawei. Apple currently holds about 12% of the Chinese smartphone market.
Will Apple Stock Reach $700 Again?
Turning to Wall Street, Apple’s shares currently have a Moderate Buy rating on TipRanks, based on 16 Buys, 15 Holds, and two Sells assigned by 33 Wall Street analysts over the last three months. The average AAPL price of $244.84 indicates a 1.22% increase potential from the current level.
See more AAPL analyst ratings here.