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Apple Unveils iPhone Air
Apple Inc. (NASDAQ: AAPL) launched the new iPhone Air on September 9, 2023, introducing a design that emphasizes a thinner profile and pro-level performance. Starting at $999, preorders will begin on September 12 and the device will be available on September 19. This design aims to capitalize on Apple’s accelerating iPhone revenue growth, which reached $44.6 billion in Q3 of fiscal 2023, marking a 13% year-over-year increase.
Current Financial Landscape
During the quarter ending June 28, 2023, Apple’s iPhone revenue exceeded a previous record, compared to a 2% growth in the prior quarter. The service segment also reached $27.4 billion, growing at 13% year-over-year. With over 2.35 billion active devices, the expansion of Apple’s installed base is expected to further boost service revenue, reinforcing the financial outlook heading into the holiday season.
Implications for Future Growth
The iPhone Air’s features, including a 5.6mm titanium body, a 6.5-inch Super Retina XDR display, and a 48-megapixel camera, are designed to entice upgrades from existing users. Historical precedents, such as the iPhone 6 and iPhone 12, resulted in significant revenue growth, with increases of 52% and 39% year-over-year, respectively, illustrating the potential impact of updated designs on sales.
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