In fairness iPhone sales probably will receive a boost from the expected release of new 5G phones. However, accelerated or delayed phone upgrades are merely moving revenues in time rather than growing revenues.
For me the recent stock price increase is overdone.
This is not a recommendation to buy or sell. Stocks are risky and not suitable for everybody. Please do your own research.
Apple reported iPhone revenue of $33.36 billion for its fiscal fourth quarter on Wednesday. Analysts were expecting revenue to come in at $32.42 billion.
iPhone revenue for the quarter was down 9% year over year, but up from the third quarter when iPhone revenue came in at $25.99 billion.
Apple stopped breaking out iPhone unit sales as of this year as it tries to shift the narrative for investors toward services revenue. But the iPhone remains an important piece of the puzzle for Apple, which introduced its newest line, the iPhone 11, in the last few weeks of the quarter.