Key takeaways
▶ Apple’s first foldable phone, the iPhone Duo, sold out of store inventory around New York and Connecticut within three minutes of U.S. preorders opening on the 16th (local time). Online delivery dates slipped to late January next year. In South Korea, preorders opened at 9 p.m. the same day, and within 30 minutes the estimated delivery date for Seoul had been pushed back to Jan. 23, 2027.
▶ The iPhone Duo costs 3.29 million won for 256GB, 3.59 million won for 512GB, 4.19 million won for 1TB and 5.09 million won for 2TB in South Korea. That is 720,000 won more than the 256GB Samsung Galaxy Z Fold8 Ultra, priced at 2,577,300 won. The U.S. price is $1,999.
▶ Wall Street points to upgrade demand among iPhone users. Bloomberg Intelligence estimates that if Pro and Pro Max users switch to the base Duo, the average selling price of their devices would rise by 82% and 67%, respectively. Dan Ives forecasts sales of up to 25 million units in 2027.
A phone priced at 3.29 million won sold out in three minutes. Within minutes of preorders opening on the 16th (local time), delivery dates for Apple’s first foldable smartphone, the iPhone Duo, had slipped beyond its official launch date of the 23rd and into next year. By that afternoon, delivery had been pushed back to late January.
South Korea saw the same thing happen within 30 minutes after preorders opened at 9 p.m. that day. The device is expected to remain difficult to find for some time after its Oct. 23 launch. It is the most expensive iPhone ever.
What drew people to line up—and whether those lines actually mean strong sales—is worth examining.
Three minutes in the U.S., 30 minutes in South Korea
Apple began accepting preorders on its official website and Apple Store app at 8 a.m. Eastern time on the 16th.
Shortly after preorders opened, Max Weinbach, an analyst at market research firm Creative Strategies, wrote on X: “Every store in the New York and Connecticut area sold out in three minutes.” In-store pickup inventory for launch day disappeared almost instantly.
All storage options, from 256GB to 2TB, and both colors listed in Apple’s online store switched to delivery dates next year. Social media users posted that even after selecting their preferred color and storage capacity in advance, as Apple recommended, they still could not secure a device.
South Korea was no different. Preorders opened simultaneously on the Apple online store and through the three mobile carriers at 9 p.m. on the 16th. Thirty minutes later, the estimated delivery date for Seoul on Apple’s online store had moved to Jan. 23, 2027, regardless of color or storage capacity.
Hundreds of people were in the queue shortly after SK Telecom’s T Direct Shop opened, while Coupang’s unlocked-phone inventory sold out soon after preorders began. As of the afternoon of the 17th, the earliest delivery date listed on Apple’s online store was Jan. 22.
720,000 won more than the Fold8 Ultra
In South Korea, the iPhone Duo costs 3.29 million won for 256GB, 3.59 million won for 512GB, 4.19 million won for 1TB and 5.09 million won for 2TB. That is more than 500,000 won above its U.S. price of $1,999, or about 2.77 million won.
Samsung Electronics’ Galaxy Z Fold8 Ultra, the closest comparison, costs 2,577,300 won for 256GB, while the base Fold8 costs 2,278,100 won. At the same storage capacity, the Duo is 720,000 won more expensive than the Ultra and 1.01 million won more than the base model.
Even so, orders poured in. When folded, the iPhone Duo is about the size of a passport; unfolded, it has a 7.6-inch screen. Its outer display measures 5.4 inches, and it is 5.2 mm thick when unfolded and weighs 254 grams.
Apple says it applied a nanotexture finish to conceal the crease and reduce reflections, and used a Grade 5 aluminum hinge made from more than 100 components. The phone is powered by a 2-nanometer A20 Pro chip and has two 48-megapixel cameras—a main camera and an ultrawide camera—but no telephoto lens.
It uses Touch ID instead of facial recognition. Users can split the screen to run two apps or place two windows from the same website side by side to compare prices. Apple said the device was “inspired by the versatility of the iPad.”
Why Wall Street is interested
The most frequently cited factor is Apple’s existing iPhone user base. Samsung and Xiaomi were first to sell foldable phones, but according to Counterpoint Research, foldables account for less than 2% of total smartphone shipments. The Duo offers a new option to people who have only used iPhones. Counterpoint believes the Duo could capture as much as 25% of the foldable-phone market by year-end.
Another factor is how upgrades could change the average selling price. Bloomberg Intelligence analysts Anurag Rana and Josh Christensen estimate that if iPhone Pro and Pro Max users switch to the base Duo, the average price of the device they buy would rise by 82% and 67%, respectively.
The analysts forecast 14 million Duo sales and $28 billion in revenue for Apple’s 2027 fiscal year, but said sales could exceed those estimates given the strong initial demand. Even without a major increase in unit sales, a higher proportion of premium-priced devices could boost revenue.
Wall Street’s expectations are also high. In a report on the 16th, Dan Ives of Wedbush Securities wrote that “preorders for Apple’s first foldable phone have made a very strong start” and that “initial demand is significantly outstripping supply.” He forecast sales of about 10 million units over the next few quarters and as many as 25 million in 2027. That contrasts with the iPhone 18 Pro and Pro Max, released in September, which early customers were able to obtain relatively easily.
A shortage does not necessarily mean high sales
Long lines do not necessarily mean high sales. Apple has not disclosed either the number of preorder orders or its initial supply. It is impossible to tell whether delivery delays are due to explosive demand or limited production of a first-generation foldable device.
New components such as foldable displays and hinges take time to reach higher mass-production yields. South Korea’s three mobile carriers receive separate allocations from Apple, so delays on Apple’s online store do not necessarily mean that carrier inventory has also run out. Apple told foreign media that preorder demand was unusually high and that it was increasing supply.
The iPhone Duo is the first major product under CEO John Ternus, who took over from Tim Cook in September. Since taking office, Ternus has unveiled the “HomeView” smart-home device, and reports say Apple will introduce additional products later this month, including a MacBook Pro with a touchscreen. Apple shares rose as much as 1.7% to $347.82 during trading on the New York Stock Exchange on the 16th.