Apple (NASDAQ:AAPL) shares surged as much as 2.7% on Monday, reaching a record high of $237.49, before settling at around a 2% increase.
The tech giant’s stock rally came on the heels of positive smartphone shipment data for the third quarter (Q3), driven by the launch of the iPhone 16 and sustained demand for earlier models.
According to research firm Counterpoint Research, Apple secured its position as the largest smartphone brand globally in September, thanks to the success of the iPhone 16 launch.
Despite flat initial sales, Counterpoint noted that the demand for the new model is expected to remain stable, supported by the brand's vast user base.
Further supporting this momentum, Canalys reported that Apple reached a record shipment volume in Q3, spurred by strong demand for the iPhone 15 series.
Apple's iPhones accounted for 18% of global smartphone shipments in the third quarter, up from 17% during the same period last year.
Data from IDC also reflected this growth, with global smartphone shipments rising 4% year-over-year (YoY) in Q3.
Apple's iPhone 15 performed exceptionally well, thanks to aggressive promotions and increased marketing efforts, boosting the company’s shipments by 3.5% YoY in Q3.
Year-to-date, Apple's share price has risen by approximately 23%,