Apple Inc. surpassed even the most bullish Wall Street expectations for its holiday quarter with an improbable trifecta: selling more iPhones at higher prices—and earning more on each sale.
The Cupertino, Calif., company said it sold 74.5 million iPhones in the quarter, 46% above a year earlier, while lifting the average selling price of the devices by $50 from the prior year. The total equates to more than 34,000 phones an hour, around the clock.
“Demand for iPhone was staggering,” Apple Chief Executive Tim Cook told analysts. “This volume is hard to comprehend.”