Apple Shares Climb in Late Trading on iPhone X Optimism
- Average selling price of handsets surges to almost $800
- Company plans to use cash pile for buybacks, acquisitions
Apple Forecast Falls Short Despite iPhone X Optimism
Apple Inc. quelled investor concern with results showing solid demand for its flagship iPhone X and a pledge to put its cash hoard to work in buybacks, dividends and acquisitions. The shares rose about 3 percent in extended trading Thursday.
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 a lofty $999. The metric reassured investors who were initially spooked when Apple forecast lower-than-expected revenue in the current quarter and missed analysts’ estimates for the number of iPhones sold during the holidays.