Apple driven by the sale of iphone more expensive

Apple

Apple sold less iPhones than expected in its most recent quarter, but its high price meant that the tech giant still beat analyst forecasts.

The company said that it sold 41.3 million iPhones in the three months to the end of June, up just 1% from last year.

But the average iPhone selling price was us $724, which was well above the expected $694.

The firm said that its $999 iPhone X – launched last year, remains the most popular iPhone model in the quarter and were driven by the higher sales price.

Strong revenue growth of 31% in Apple company services, which includes the App store, Apple, Music, and Apple Pay, it also increased its performance.

In general, the technology giant revenue increased 17% year-on-year to us $53.3 million (£40.6 million), with all regions, except in Japan, reporting a growth of two digits.

Profit rose to $11.5 million, a 32% compared with the same period in the year 2017.

Shares in the Californian tech giant rose more than 3% in after-hours trading in New York.

The achievements that brought Apple as the most valuable company in the world, a step closer to a market value of $1 trillion dollars.

The strong demand of the company in the most expensive phones marked a contrast with the world’s largest smartphone seller Samsung, which disappointed investors by warning of lower than expected sales of its high-end Galaxy S9 .

But Apple is facing increasing competition in the market of smart phones.

Chinese tech company Huawei, which reported a 15% revenue growth in the first half of this year, have surpassed Apple to become the second largest smartphones sold in the quarter, according to market research firm Canalys.

That left Apple in the third place after Samsung and Huawei.