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.
