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Apple loyalists prove physical stores not needed to drive iPhone sales: J.P. Morgan
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Apple loyalists prove physical stores not needed to drive iPhone sales: J.P. Morgan
The United States' most valuable company was forced to shut down more than 70 stores again in the third quarter in response to surging COVID-19 cases, but consumers were unfazed with the company topping analysts' estimates for iPhone sales by $4 billion. JPM analyst Samik Chatterjee said the performance spoke volumes about the importance of Apple products to consumers, and showed them willing to circumvent the traditional practice of buying from the physical channel when required. The company posted its biggest profit ever on the back of a 48% rise in online store sales.
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