iPhone owners are switching to Samsung’s foldables at a record clip, the company said.

The iOS switching rate to its Galaxy Z Fold8 series was 1.6 times that of last year’s Fold7 and Flip7. Apple entered the foldable market the same week, under new CEO John Ternus. That sets up a fight for the same iPhone base.

Samsung’s Pull on iPhone Users

In the US, 30% of Galaxy Z Flip8 buyers switched from competing brands, Samsung said. Most were buying a foldable for the first time. Its upgraded Smart Switch tool now moves data from an iPhone via a QR scan, no app install needed.

Samsung shipped the first Galaxy Fold in September 2019, seven years to the day before the iPhone Duo’s debut. That head start is one Samsung is still leaning on.

Apple Counters With the iPhone Duo

The iPhone Duo starts at $1,999 for 256 gigabytes of storage and rises to $3,199 for 2 terabytes, Apple said. It pairs a 7.6-inch inner display with a 5.4-inch outer screen in a titanium body, Apple’s largest iPhone screen yet. Preorders open Oct. 16, with sales starting Oct. 23 in the US and more than 70 other countries.

It marks Ternus’s first major launch since succeeding Tim Cook as Apple CEO on Sept. 1.

Counterpoint Research projects Samsung will lead the foldable market this year with a 32% share. Apple is expected to take 25%. Huawei remains strong in China, the firm added.

AAPL closed at $315.34, down 0.28%, after the keynote. Bank of America analyst Wamsi Mohan tracked Apple shares falling the day after 10 of its last 24 product launches. That pattern, sometimes called sell-the-news, has historically reversed within 30 to 60 days. Evercore ISI reiterated an Outperform rating with a $365 price target, implying modest upside from current levels.

Samsung’s numbers show it is still winning iPhone loyalists. Whether the Duo can flip that trend may take a full holiday quarter to answer.

Source: BeInCrypto