Apple quelled concern over lackluster iPhone demand with results showing that when consumers buy the gadget, they’re willing to pay up for the most-expensive model, according to Bloomberg.
The average selling price for the iPhone, Apple’s most important gadget, was $796 in the crucial holiday quarter. That was up from less than $700 a year earlier and it suggests that people are gravitating toward the iPhone X, which starts at $999. The metric reassured investors who were initially spooked when Apple forecast lower-than-expected revenue in the current quarter and reported total iPhone holiday sales that missed analysts’ estimates.
Apple said revenue in the three months ending in March will be $60 billion to $62 billion. Analysts were looking for $65.9 billion on average. For the final quarter of 2017, Apple sold 77.3 million iPhones, down 1 percent from a year earlier and below analysts’ projections of 80.2 million units. That capped a flurry of reports indicating that Apple was cutting orders to suppliers and that consumers were holding off buying iPhones, especially in China, where rivals are undercutting Apple on price.
5.1 million Macs were sold in the quarter on revenue of $6.9 billion, indicating 5 percent year over year declines. The iPad business continued to grow with the company posting 13.2 million unit sales and revenue of $5.9 billion. iPad units grew by 1 percent, while revenue climbed 6 percent, suggesting more customers bought the more-expensive models.
For services, which includes Apple Music, movie rentals, app downloads, cloud storage upgrades, and digital books, the company reported revenue of $8.5 billion, topping last year’s $7.2 billion by 18 percent. Apple’s Other Products business generated revenue of $5.5 billion on strong sales of the latest TV set-top-box, continued popularity of the AirPods headphones, and a growing interest in the Apple Watch due to recent models with cellular connectivity. This segment reported saw revenue jump 36 percent, the largest year-over-year increase among Apple product divisions.
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