1 Billion Reasons to Buy Apple Stock

Apple (NASDAQ: AAPL) sold its billionth iPhone back in 2016, but there's a big difference between cumulative unit sales and how many are actually in use. Since most iPhone purchases are upgrades nowadays, the installed base grows at a much slower pace. The company gave its first official disclosure in early 2019, when the global iPhone installed base hit 900 million.

"We plan to provide information on the iPhone install base as well as total install base on a periodic basis," CFO Luca Maestri said in January of that year. Other than vague comments about the installed base hitting all-time highs, Apple hasn't given investors a formal update on it since. One analyst thinks that key metric has now hit the 1 billion milestone.

CEO Tim Cook holds up the billionth iPhone in 2016. Image source: Apple.

Source Fool.com