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The Great Irony of Apple's iPhone Price Increases

Apple (NASDAQ: AAPL) has been extraordinarily successful in generating revenue growth out of stagnating unit sales over the past year, primarily thanks to the widely discussed price increases that the company has been implementing ever since introducing the iPhone X in 2017, which started at $999. Apple certainly agrees, which is why it will no longer report unit sales and will only disclose iPhone revenue going forward. Still, investors continue to fret over the prospect of weak unit sales, even if they will no longer be privy to official unit sales data. As iPhone suppliers continue to post soft results -- including lens supplier Largan Precision today -- Apple investors can't help but worry about unit volumes. Decelerating unit volumes continue to weigh on analyst sentiment. For example, this week New Street Research analyst Pierre Ferragu worried that "all [average selling price] gains of recent years could be lost in unit decline in the coming years."

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