Apple iPhone sales surpass expectations even as average selling price increase
Apple has surprised on the upside after announcing that sales of its flagship iPhone have remained on track even as consumer enthusiasm to race through the revolving door of annual smartphone upgrades begins to wane.
Apple iPhone sales surpass expectations.
In its latest set of quarterly results, Apple reported sales of 52.2m iPhones, up from 50.7m sold last year and only marginally behind a Wall Street target of 52.3m. Moreover the consumer electronics and services firm is upbeat about its prospects in the current quarter, projecting revenue of between $51.5 and $53.5bn, beating prior forecasts of $51.6bn.
Apple’s revenues have risen on the back of the expensive iPhoneX, which has pushed the average selling price of an iPhone to $728, up from $655 a year ago but below market expectations of $742.
In an earnings call, Apple chief executive Tim Cook said: “This is the first cycle that we’ve ever had where the top of the line iPhone model has also been the most popular,” Cook said during the company’s earnings call.
“It’s one of those things like when a team wins the Super Bowl, maybe you want them to win by a few more points. But it’s a Super Bowl winner and that’s how we feel about it.”
The unexpected windfall has allowed Apple to pledge a $100bn buyback of its own stock, pleasing investors who had begun to fret that the fashionable technology brand may have begun to lose its mojo amidst a dearth of new products.
In a bid to diversify income Apple has been on a spending spree, purchasing digital magazine distributor Texture and planning to purchase music service Shazam.
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