Apple Inc. could sell as many as 200 million of its latest iPhones from existing users upgrading their older devices and much of that demand will come from China despite the ongoing trade war with the U.S., several Wall Street analysts said Monday.
The company was widely expected to launch three new iPhones this week featuring upgraded processors and new camera functionality, along with a video streaming service that will take on the likes of Netflix Inc. and Walt Disney.
The upgrade cycle could translate into roughly 180 million iPhone units sold in the next 12 months with roughly 60 million to 70 million consumers due for an upgrade in China, where Apple struggled with its last launch, Wedbush analysts said.