This coming Friday will see the release of Apple’s iPhone 7. Although the removal of the headphone jack has caused a little bit of a stir, it would appear as though consumers (myself included) are well and truly looking past this.

According to its online shop, Telstra Corporation Ltd (ASX: TLS) has already sold out of its pre-order stock on the iPhone 7 Plus models.

With a 41.8% share of the mobile market according to Kantar research, Telstra is likely to be a big winner from the new iPhone release. But it won’t be the only company on the ASX that benefits.

I believe these two growing companies could also get a boost to earnings thanks to the release of the iPhone 7.

Vita Group Limited (ASX: VTG)

This telecommunications and IT retailer operates 100 Telstra retail stores and 21 Telstra business centres, earning commissions primarily from sales. I believe the new iPhone release presents Vita Group with a great opportunity to boost both traffic and sales. This could help the company continue its stunning performance, which recently resulted in a 43% increase in full year net profit to $38 million. With its shares changing hands at around 22x full year earnings, it looks to be reasonably priced for a buy and hold investment.

Kogan.com Ltd (ASX: KGN)

This rapidly growing online retailer has a reputation for selling iPhones and other popular electronic devices at some of the cheapest prices imaginable. In fact, its prices will more often than not undercut Apple itself. With 3.6 million active subscribers across the Kogan and Dick Smith online brands, I believe Kogan is in a great position to profit from the new release. With its shares still trading significantly lower than its IPO price, now could be a great time to invest in this growing retailer.

 

Before making an investment in any of these shares I would highly recommend you take a look to see if you have either of these three wealth destroying ASX shares in your portfolio. Now might be a great time to remove them.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.