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Fortune

Will Daniel

Apple stock might soar thanks to old iPhones

Apple Wamsi Mohan United States BofA Bank of America Samsung

(Credit: Justin Sullivan/Getty Images)

Apple customers are famously loyal—but it turns out they’re also slow to upgrade.

A just-released Bank of America survey of over a million iPhone users from the U.S., the U.K., India, and China found that most of them have old phones. Some 29% of users own an iPhone from the iPhone 13 family, which came out in September 2021, while 13% own an iPhone from the iPhone 12 family, which came out in October 2020, and 31% own an iPhone that’s even older than that.

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