Apple’s iPhone 7 Sales Soar as Rumored iPhone 8 Looms
If anything is clear over the past week, it’s that Apple’s iPhone isn’t slowing down.
Over the last several days, a lot of news aboutApple has focused largely on the iPhone’s current strong sales and what is possibly and even brighter future. First, a report surfaced from research firm Consumer Intelligence Research Partners (CIRP) that said that Apple’s iPhone 7 and iPhone 7 Plus sales are soaring. It was followed by analyst reports that said Apple’s still unannounced iPhone 8 may ignite a “supercycle” of sales growth because of pent-up consumer demand.
Even Apple’s executives got into the mix this week after CEO Tim Cook suggested that the company’s new Cupertino, Calif. headquarters, Apple Park, has a design that should make teamwork and innovation easier.
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But even with all the positive buzz, Apple was hit by some troubling lawsuits that could cost it hundreds of millions of dollars.
Read on for this week’s look at the latest (and biggest) Apple news:
- The iPhone 7 and iPhone 7 Plus accounted for 81% of all U.S. iPhone sales during the three-month period ending July 1, CIRP said this week. That’s the highest combined sales percentage for the iPhone 7 line since its release last year, suggesting shoppers are increasingly buying Apple’s latest handsets rather than older devices like the iPhone 6s, which debuted in 2015.
- Apple’s iPhone sales will soar between now and the end of 2018, UBS analyst Steven Milunovich told investors this week. Without providing sales estimates, Milunovich did say that Apple’s upcoming iPhone, expected to be called the iPhone 8, should attract Apple shoppers who are looking to upgrade. That, coupled with pent-up demand for new handsets, could ultimately push Apple’s iPhone sales to record highs in the coming year. He reiterated his Buy rating on Apple stock and set a $170 price target. Apple’s shares closed on Friday at just under $149.50.
- This week, Apple executives discussed the company’s new headquarters with WSJ. Magazine. The wide-ranging interview included a detailed look at how Jony Ive worked with late Apple co-founder Steve Jobs to design Apple Park. It also discusses what employees should expect from the facility as they continue to move in over the next several weeks.
- Earlier this year, security firm Malwarebyes discovered malware, or malicious software, that could give hackers full control over a Mac and let them spy on users and steal documents. Earlier this week, more details emerged about the malware, including a report from a former NSA hacker that the malware may have been created for “perverse reasons.” Earlier this year, Apple patched the flaw that allowed hackers to target users. But people who haven’t secured their Macs are still at risk.
- A federal judge this week ruled that Apple should pay $506 million in damages to the Wisconsin Alumni Research Foundation (WARF) for allegedly violating a patent held by the University of Wisconsin-Madison division. The amount is $272 million more than the $234 million damages a jury awarded WARF two years ago in the same case. WARF alleges that Apple has used a technology that it’s patented related to anticipating user behavior with electronics without properly licensing it. Apple denies infringing on the patent.
- As if that wasn’t enough, Apple was slapped with another lawsuit this week over allegations that it violated a patent held by Florida-based app maker CustomPlay. The app maker says the Apple TV’s “What Did He Say?” feature, which lets users rewind a video several seconds to listen again to what a person said on screen, infringes on a patent it holds/ CustomPlay didn’t identify the amount of damages that it’s seeking.
One more thing…On Tuesday, Apple will announce its fiscal third-quarter earnings. While many stock watchers are interested in how the company’s latest quarter went, they’re also eyeing whether Apple gives any hints about its future iPhone plans. The company is expected to announce new devices in September.