Apple’s price hike strategy is paying off

Despite a zero percent change in iPhone unit sales year over year, Apple ended its fiscal fourth quarter with a 29 percent revenue increase in its smartphone division. It also met its overall revenue target of $62.9 billion — up from $52.5 billion this quarter last year. Both sales and profit exceeded Wall Street expectations for the quarter.

Apple’s Q4 quarter ended in September, meaning it only accounted for the first few weeks of the new iPhone XS and XS Max going on sale. (The iPhone XR, which was also announced in September, did not become available for preorder until October.) Despite the slow sales growth, the average selling price per iPhone is now $793, up from $724 in Q3.

The increase suggests that Apple’s price hike strategy…

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