Apple Shares Jump 3% on Foldable iPhone Duo Launch

Apple shares rose by 3% following the unveiling of its first foldable iPhone, the Duo. The device is priced at a record high between $1,999 and $3,200.

The iPhone Duo features a unique hinge that allows for flexible use, with a 5.4-inch outer display and a 7.6-inch inner display.

Market analysts expect the shift in focus from unit sales to average selling price growth, given the high-end pricing of the new device.

Suppliers such as Skyworks Solutions are also expected to benefit from the increased content per device, with shares rising by 9% following merger news with Qorvo.