Apple Just Raised the Price to Buy a New iPhone

There's been a lot of rumors circling about a $1,000 dollar iPhone coming out this fall. Indeed, Apple (NASDAQ: AAPL) announced the new iPhone X at its first event at the Steve Jobs Theater on September 12, and its starting price is $999.

What's getting less attention is that Apple announced the iPhone 8 (the successor to the iPhone 7) will start at $699. That's a $50 price bump from the iPhone 7's starting price last year. While consumers will receive double the storage space for that price, there's no option to pay less.

The higher starting price, combined with sales of the iPhone X later in the fall, should result in the highest average selling price for iPhone ever. The number peaked at $695 in the first quarter of 2017. Considering many analysts expect a lot of iPhone users to upgrade their devices this year as part of a "supercycle," it could result in significant revenue growth for Apple.

Source: Fool.com