Cook Reinforces iPhone X as Trendsetter, as Phone Unit Sales Down; Stock Falls Friday
Apple CEO Tim Cook’s efforts to trumpet iPhone sales records on the company’s Thursday earnings call didn’t sway Wall Street, which expected higher December quarter phone sales and viewed March quarter projections as light. Shares closed down 4.3 percent at…
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$160.50 Friday. Apple sold 77.3 million iPhones in the quarter with revenue totaling $62 billion, it said. Units were down 1 percent, and higher average selling prices of the 8, 8 Plus and X led to a 13 percent revenue bump. “Because iPhone has the largest residual rate on it, it acts as a buffer for the customer to buy a new one, and it winds up with another customer somewhere else who’s perfectly fine with having a previously owned iPhone,” Cook said. “The more people with iPhones, the better.” The X is “setting up the next decade,” he said as before. Chief Financial Officer Luca Maestri said the company expects iPhone revenue to rise double digits this quarter compared with a year ago and sequential growth from the December to March quarters will exceed the comparable 2017 period.