The stock of Verizon Communications Inc (NYSE:VZ) closed at $49.21 gaining 1.17% in yesterday’s trading session. Apple’s new iPhone 8 models are characterized with the most amazing features. However the sales of these models are said to be moving at a slower pace than what was expected.

The company is optimistic about its iPhone X, which it says will be ready for preorder from next week. The company hopes to make huge sales from the sale of the new product. The third quarter witnessed 5.5% of Verizon customers upgrade their phones. This was a moment when the iPhone 8 for the very first time went on sale.

Last year, the company saw about 6.3% of the customers undertake the upgrades. It was a moment when the phone company was unveiling its iPhone 7.At the moment, carriers are witnessing slower sales of the iPhone 8 and that is in comparison to the iPhone 7.

A large number of consumers may be holding out for the $999 iPhone X model, considering the low iPhone 8 sales. This year, the carriers are providing numerous promotions. But the promotions are turning out to be less lucrative as compared to what was witnessed the previous year for those customers that sought to purchase the iPhone 8.

Matt Ellis, the Verizon CFO, in his speech sounded confident in outlining the fact that the upgrade rate was set to improve as the iPhone X hits the highest notches. One of the top officials working with the company said that they had started experiencing a difference in timing with some of their latest devices being unveiled versus those that were historically seen.

On a call with analysts, Ellis opined, “Obviously Apple is part of that with splitting the new devices between the 8, which came out in 3Q and the ten, which comes out in 4Q. But also on the Android OS side of the house, we’ve had the new device coming out this month as well.”

He added that as the company approached the holiday season it expected a rise in demand in line with the new devices.