Apple reported a surge in its quarterly earnings, fueled by sales of higher-priced iPhones. The Wall Street Journal reports that the company posted a 33% increase in earnings for the recently completed quarter.
“Led by the larger-display iPhones it introduced last fall, Apple on Monday said it sold 61.2 million iPhones in the three months ended March 28, up 40% from the year-earlier period,” the story reports. “Many of those sales came in emerging markets, including a 72% gain in the number of phones sold in China.”
The company is “pulling off a feat rarely seen in any industry, much less the cutthroat world of consumer electronics: gaining market share while also commanding higher prices,” the WSJ report notes.
The average price of an iPhone sold during the quarter was $659, up more than $60 from a year ago.
Apple CEO Tim Cook noted that customers are increasingly moving to the iPhone from rival devices, telling the publication: “We’re seeing a higher rate of switchers than previous iPhone cycles.”