Apple Earnings: iPhone Sales Hit Record Highs
Given the challenging environment, which includes economic uncertainty, high inflation, and rising interest rates, it isn't a stretch to say people are finding ways to spend less. A recent survey of more than 9,000 consumers found that 69% of respondents planned to cut back on nonessential spending, with 15% planning to eliminate nonessential spending altogether, according to a study by PwC.
Investors have been concerned about the potential implications for (NASDAQ: AAPL). After all, the company's high-end goods are considered by many to be a luxury, as the average price of an iPhone reached $988 last quarter, according to research firm CIRP.
Yet Apple's results yesterday showed the enduring demand for the iPhone, which helped backstop the company's performance amid challenging conditions.
Source Fool.com
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