As Apple (AAPL) holds its big event to unveil its newest iPhone, the iPhone 8, the new smartphone will garner the full attention of the tech world and the investing world as well.
To say that the iPhone is important to Apple is an understatement. When Apple first launched the iPhone 10 years ago, no one could have imagined just how important the new device would be the company, or how much it would change the world as we know it.
Since the first iPhone hit the market, Apple has sold over 1 billion iPhones. Take a second to think about that number. One billion iPhones! During the company’s most recent quarter, it reported total revenue of $45.4 billion. Of that, the iPhone accounted for sales of $24.8 billion, a number that was up 2 percent from the same period last year.
The company sold 41.026 million devices, with an average sales price of $605.62, marginally higher than the average selling price of $596.26 during the same period in the previous year.
The fact that Apple is able to increase the average selling price is a clear indication that Apple fans remain loyal to the company’s devices, and are willing to pay up for the highly popular smartphone.
With the 10-year anniversary of the phone, expectations are high. Apple is sure to benefit from the upgrade cycle, but what other stocks stand to gain? Let’s take a look at a few stocks that could rally on a strong iPhone launch.