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New Apple iPhone X sells out in minutes

Apple’s new iPhone X is its most expensive one yet, but that didn’t stop customers from buying every last one in Apple’s inventory this morning in less than 10 minutes after the phone first became available for pre-order. The new phone’s sales rate contrasts with comparatively glacial sales rates for the iPhone 8, which accounted for only 16% of all iPhone sales this quarter—probably because so many customers were holding out for the X, suggests Consumer Intelligence Research Partners, a private research firm.

“It seems when Apple announced the forthcoming iPhone X, it changed the market dynamic, and probably depressed demand for the iPhone 8 and 8 Plus,” said Mike Levin, co-founder of CIRP. “Rather than waiting for and buying the iPhone 8, it looks like buyers in this quarter either bought existing models, or decided to wait for iPhone X, later in the year.”

The X—pronounced “10”—sells on a sliding price scale that starts at $999 per phone. A buyer who pays $1300 can get an X with an extra-large 64 gigabytes of storage, while $1500 will buy an X with 256 gigabytes of storage. At $1500, the 256-gigabyte X is more expensive than three of Apple’s full-fledged computers.

Buyers who pre-ordered could get their phones shipped as soon as they became available. Apple’s website said that the iPhone X can be delivered in two-three weeks, but some buyers today received messages saying that their phones would not ship for four to five weeks.

An Apple spokesperson said in a media statement that demand is “off the charts” but that Apple is working to get a phone out to every customer who wants one “as quickly as possible.” The statement added that Apple stores will have the phone in stock on November 3.

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