AAPL stock has hit a new 52-week high as the market opened this morning. The previous high for the past 12 months was $319.99, and the stock immediately hit $320.25.
At the time of writing, it’s around $322…
While a 52-week high doesn’t mean much in isolation, supply-chain reports, government data, and consumer surveys all point to Apple reporting strong financials in Tuesday’s earnings report. There have been a series of indications that last year’s models are selling better than expected.
A CIRP report suggested that the three iPhone 11 models made up 69% of US iPhone sales in the holiday quarter, though also reported a fall in ASP.
iPhone sales in China are also doing well after a difficult time.
Comparing the holiday iPhone lineup between 2018 and 2019, CIRP reports that average selling price fell from $839 in December 2018 to about $809. As Apple reduced prices on the iPhone 11 by $50, some level of ASP decline was to be expected.
And earlier this week, Apple reportedly asked TSMC to boost A13 chip production.
Achieving significant growth in China is particularly impressive at a time when the market as a whole is declining: total smartphone shipments in the country were down more than 13% year-on-year.
The base model iPhone 11 is believed to be a particular factor, offering many of the features of the flagship Pro model at a far more affordable price point.
Apple is due to report its fiscal Q1 2020 (calendar Q4 2019) results on Tuesday. In addition to finding out how the company fared in the holiday quarter, investors will be anxious to hear Apple’s guidance for the current quarter.
