Apple has introduced Apple Upgrade, a leasing program for iPhones, Apple Watch, Mac, and iPad, starting at $17.99 per month. The program is built in partnership with Klarna and replaces the existing iPhone Upgrade Program. Structurally, it mirrors how car leasing works: customers pay monthly to use the device rather than own it outright.
For Apple, shifting buyers from one-time purchases to recurring monthly payments strengthens its services revenue base and smooths out hardware sales cycles. Klarna gains a high-volume consumer finance channel tied to one of the world's most recognized hardware brands, which could lift its transaction volumes and improve its path to profitability ahead of its IPO. Both stocks are worth watching for near-term reactions.
Klarna IPO roadshow (expected late May to early June 2025). Apple Q3 FY2025 earnings, expected late July 2025.
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