iPhone Average Selling Price Rises to Record-High $695, Apple Reveals

iPhone Average Selling Price Rises to Record-High $695, Apple Reveals

Apple on Tuesday reported an all-time record revenue of $78.4 billion (roughly Rs. 5,30,498 crores) for the quarter ended December, mostly on account of the record iPhone sales during the aforementioned time period. However, another interesting statistic that came out of the company’s quarterly performance results was that the iPhone’s average selling price rose to a record-high of $695 (roughly Rs. 47,000).

Luca Maestri, Apple’s CFO, said in the company’s earnings call that iPhone’s ASP (average selling price) increased to $695 in the December quarter from $619 (roughly Rs. 41,900) in the previous quarter, driven by a strong product mix and the success of iPhone 7 Plus.

“While iPhone 7 is our most popular model, we saw especially strong demand for iPhone 7 Plus, which was a higher portion of the new product mix than we’ve ever seen with Plus models in the past. Demand for iPhone 7 Plus exceeded supply throughout the quarter, and we came into supply/demand balance in January,” Tim Cook said in company’s conference call.

Notably, the Cupertino-based company sold 78.3 million iPhone units (the most ever in a quarter), up five percent from the same time period a year ago. According to industry tracker Strategy Analytics, these sales made Apple the world’s top smartphone vendor in the last three months of 2016.

According to a recent market analyst report, the feature differentiation (dual rear camera setup on the Plus variant) has helped Apple sell more larger iPhone variants and might herald continued differentiation in future models.