Tech

Apple CEO Tim Cook says iPhone 11 sales are off to a 'very strong start'

Key Points
  • Apple CEO Tim Cook told German newspaper Bild iPhone 11 sales are off to a "very strong start."
  • Cook's comments helped boost shares of Apple's European suppliers.
  • J.P. Morgan raised its price target for Apple on Monday citing better-than-expected sales for the new iPhones.
MUNICH, GERMANY - SEPTEMBER 29: Tim Cook, CEO Apple, during the Oktoberfest 2019 at Kaeferschaenke beer tent.
Gisela Schober | German Select | Getty Images

Sales of the new iPhone 11 series are off to a "very strong start," according to Apple CEO Tim Cook.

In an interview with German daily Bild published late Monday, Cook said the company "could not be happier" with the iPhone 11 launch. He did not reveal any specific sales figures related to the new devices.

Cook's comments helped boost shares of Apple's European suppliers in trading Tuesday. Shares of German chipmaker Siltronic increased 3%, while semiconductor firms Infineon, ASML and STMicro gained around 1%.

Apple's new lineup of smartphones, the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max, hit store shelves September 20. The phones feature upgraded cameras, batteries and processors, but, unlike some of Apple's competitors, they are not 5G-enabled.

J.P. Morgan raised its price target for Apple on Monday citing stronger-than-expected demand for the new phones. The investment firm now forecasts Apple will sell 1 million more iPhones than it had previously expected.

Apple shares closed up 2% Monday and traded 0.5% higher in extended hours Tuesday.

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