Apple's iPhone sales continue to surge as iPhone 17 outpaces iPhone 16

Apple’s (AAPL) iPhone continued beardown income past month, acknowledgment to the popularity of the iPhone 17 line, Bernstein analysts wrote successful an capitalist enactment connected Monday.

According to the report, Global iPhone sell-through — that is, income of iPhones from retailers to customers — accrued 26% twelvemonth implicit twelvemonth successful February. Overall, the analysts accidental iPhone 17 portion income are up 20% versus past year’s iPhone 16 done September and January.

The basal exemplary iPhone 17 accounted for 39% of that growth, portion the iPhone 17 Pro Max made up 21% of the increase.

Average selling price, oregon ASP, besides climbed successful February, increasing 6.9% twelvemonth implicit year. So far, ASP has improved each period since the iPhone 17 launched successful September, with the objection of October, Bernstein said.

The analysts said China provided the biggest boost to ASP, with maturation of 20.2% twelvemonth implicit year.

On the flip side, however, Bernstein said that January and February iPhone gross is estimated to person been $35.7 billion, beneath the firm’s anticipated $56.5 billion.

Apple reported grounds iPhone gross of $85.3 cardinal successful its Q1 net successful January, good up of Wall Street estimates of $78.3 billion. The institution saw iPhone income of $69.1 cardinal successful the aforesaid play past year.

On the Mac side, Bank of America Global Research expert Wamsi Mohan said that if Apple’s caller MacBook Neo tin drawback 10% of marketplace stock successful the entry-level laptop space, the $599 machine could supply an further $0.03 net per stock for 2026.

“We spot the intro of Neo arsenic a meaningful tailwind to Mac revs and full institution EPS arsenic the bulk of gross should beryllium incremental to Apple,” Mohan wrote successful a enactment to investors.

Apple unveiled the Neo successful March arsenic its slightest costly MacBook. The 13-inch laptop runs connected the company’s A18 Pro processor, which is akin to the spot recovered successful the iPhone 16 Pro and Pro Max.

If the Neo proves successful, Mohan explained successful his note, it could supply a payment to Apple’s services business, the company’s second-largest conception down the iPhone.

“The iPhone installed basal is ~1.5bn units, acold supra the Mac installed basal astatine ~260mn. If the Neo is palmy astatine driving adoption of [first] clip Mac buyers, the wide installed basal for Apple becomes stickier and tin pb to [increased] services usage implicit time,” helium wrote.

Apple, similar the remainder of the user exertion industry, is also, however, contending with the planetary representation proviso crunch caused by the worldwide AI information halfway build-out.

Memory makers are focusing connected producing much high-margin representation for AI information centers versus representation for user electronics products, causing a proviso bottleneck and expanding costs.