Businesss: Apple "Squeezes More Juice" Out of Fewer Phones

-WSJ

Apple's move to jack up prices on its flagship iPhone helped deliver record quarterly revenue and profit, but the company projected weaker-than-expected sales for the current quarter that adds to questions about the sustainability of demand for the technology giant's most important product.

Sales of the iPhone X--released in November at a starting price of $1,000--lifted the average iPhone selling price and helped drive smartphone revenue to a record $61.58 billion for the three months through Dec. 30, up 13% from a year earlier. However, Apple said the number of iPhones it sold actually fell 1% to 77.3 million units.

Total revenue rose 13% to $88.29 billion in the quarter, which was a week shorter than the same period a year earlier, while profit rose 12% to $20.07 billion. Apple said it expects revenue of between $60 billion and $62 billion for the current quarter, below analysts' estimate of $66.54 billion.