Apple Inc. (NASDAQ: AAPL) announced that it will not reveal the first weekend sales data for the release of new iPhones.
It has been a tradition for the Cupertino, California-based tech giant to share early pre-order data and reveal the number of iPhones sold on the weekend after the new smartphone became officially out n the market. On Thursday, the iPhone maker said in a statement that it will discontinue this practice since it is “now at a point where we know before taking the first customer pre-order that we will sell out of iPhone 7.”
By keeping the weekend sales data private, Apple is holding back an important metric that some market players and analysts have utilized in determining the success of an iPhone release. The tech giant is banking on the new product line, as well as the new wireless headphones called AirPods and a water resistant Apple Watch to avoid a holiday quarter year-over-year sales decline.
The iPhone maker stated that “initial sales will be governed by supply, not demand.” With this the company determined that opening weekend sales data are “no longer a representative metric for our investors and customers.” The new iPhone 7 and iPhone 7 Plus become available for pre-order on Fridays. On the other hand, Apple stores and other retail stores will start selling the latest iPhone models on September 16.
The iPhone 7 and iPhone 7 Plus was introduced on Wednesday, and these new smartphones feature upgraded cameras, updated designs with additional options of two new black colors, stereo speakers, enhanced graphics performance, faster processors, and longer battery life. These newest models are available starting at $649 for a storage capacity of 32GB.
This transition in strategy on the sales of iPhones marks the second time that the iPhone maker has held back certain figures I recent years. For instance, after unveiling the Apple Watch back in 2014, the Cupertino, California-based tech giant stated that it would not reveal the sales data for the smartwatch for competitive reasons. Moreover,it has not provided any indication that it will start keeping iPhone sales figures with its quarterly earnings release.
In a statement, it was pointed out that the estimates of the iPhone maker for the September quarter remained the same. On July 26, Apple announced that its revenue forecast for the fourth quarter of the current fiscal year stood from $45.5 billion to $47.5 billion. During the same quarter in the previous year, Apple posted $51.5 billion in sales and over 48 million iPhone units sold.
As of the time of writing, the AAPL shares are changing hands at $105.52, down by 2.62 percent or 2.84 points.