Apple's stock lost some steam on Wednesday amid mixed reports of carrier pre-order volume, but managed to hang on to a win streak, ending the day in the green.
Verizon's iPhone 7 pre-order volume is within normal range, according to a Verizon executive. But AT&T volumes are up year-over-year.
Apple's shares trimmed gains after the report, closing up about 3.5 percent at $111.77 a share. It had be seen as high as $113.03, after mobile service carriers Sprint and T-Mobile on Tuesday reporting strong pre-orders.
Shares still sealed their first three-day win streak with consecutive gains over 2 percent since April 2013, more than doubling 30-day average volume during the session.
In a webcast of the Bank of America Merrill Lynch 2016 Media, Communications and Entertainment Conference, Marni Walden, executive vice president and president of product innovation and new business at Verizon, addressed recent iPhone sales:
Moderator: "Some of the competitors in the market have been talking about 4x increases in volumes for iPhone sales. The media has assumed that this is a function of $0 trade-ins and inferring maybe that there is big market share movements or big margin implications for the industry. I wonder if you can speak maybe to, what is Verizon's iPhone experience? Has this been a game changer, or what's the story?"
Walden: "I think when people talk about percentages increase it's all about, 'Compared to what?' If you look at Verizon, we had the iPhone second, so your upgrade cycles depend a lot on that, how big your base is, so you know, we're not going to comment on volume, but I would say you've got to ask the question of what it's compared to …."
Moderator: "Would you say this is a churn and margin impact for Verizon, or is it more a business as usual upgrade cycle for the iPhone?"
Walden: "We think it's more of a business as usual for us."
Volumes of the iPhone 7 at AT&T are up year-over-year and are ahead of expectations, John Stephens, senior executive vice president and chief financial officer at AT&T, said in the conference webcast, though he noted it has only been a few days since pre-orders began.
"The reality is as one of the biggest providers of the iPhone services, our sales are up. We have seen a real improvement, exceeding our expectations," Stephens said. "Now we've got a promo out there, and you would hope the promos would be effective and they certainly are. With that we're going to make an investment in those customers but these are our best customers."
Bloomberg originally reported the conference comments. CNBC has reached out to the companies for further comment.