iPhone growth slows but the average selling price is up

Apple sold 74.779 million iPhones in the fiscal 2016 first quarter that ended Dec. 26, 2015; that’s slightly below Wall Street’s consensus for around 75 million and is flat with the prior-year’s 74.46 million units. The 0.4% growth in shipments was the lowest since the product was launched in 2007.

Despite this, Apple smartphone revenue was up 1% to $48.05 billion. In the fiscal quarter, the iPhone average selling price (ASP) was the strongest ever with the average iPhone costing $691. The previous high was $674 in the first quarter of 2009.

What’s more, CEO Tim Cook said the fiscal quarter saw the largest number of Android-to-iPhone switches ever, though he didn’t give a specific figure. He also said that, during the quarter, Apple sold an average of 34,000 iPhones per hour, 24/7 for 13 weeks.