The iPhone X’s $1,000 price tag has been a punching bag for other smartphone makers, but it’s Apple that’s laughing all the way to the bank. Last quarter, Apple captured a record 51-percent of the total market smartphone revenue buoyed by the iPhone X’s costlier price, according to research firm Strategy Analytics.
Apple revealed in its latest earnings a sterling $61.5 billion in revenue, with the iPhone X, iPhone 8 and iPhone 8 Plus igniting sales. According to Strategy Analytics, the total smartphone revenue was $120 billion, meaning Apple captured over half of all revenue.
This wouldn’t have been possible without the iPhone X. The average price of an iPhone in the last quarter was $796, up from the $695 during the same quarter a year ago. That was directly linked to the $1,000 starting price of the iPhone X. The $101 average price increase netted Apple a record amount of revenue.
Apple’s 51-percent of revenue dwarfed its next closest competitor, Samsung, which lagged far behind with only 15.7-percent of smartphone revenue ($18.9 billion). Huawei rounded out the top three with 7-percent, totaling $8.4 billion in revenue.
During the same quarter in 2016, Apple netted 48.7-percent of the smartphone revenue with $54.2 billion. It saw significant growth year-to-year with excitement around a completely redesigned iPhone.
Never shy to put a premium, Apple continually offers some of the most expensive products on the market but they continue to sell like gangbusters. That train of thought won’t be going away anytime soon with the latest numbers.