Apple shares were down Friday on news that iPhone sales missed Wall Street estimates for the first time ever. But long-time analyst Gene Munster, now Managing Partner at Loup Ventures, says investors may soon forget about this when the company releases its next product.
“There is talk out of Asia about a screen that's probably about 25 percent bigger than the current iPhone X," Munster told Cheddar.
Munster says a new phone, particularly one with a bigger screen, could create even more revenue for the tech giant.
Despite lower-than-expected smartphone sales, Apple still reported record growth in revenue and earnings in its latest quarterly report. The company brought in $88.3 billion in revenue, up 13 percent from last year, thanks in large part to the hefty price tag for the iPhone X.
But Munster believes investors are starting to pay attention to more than just device sales.
"I think that there is a shift in terms of how investors are thinking about the story, more towards the platform. But there’s always this chatter about what’s the next product coming from Apple,” Munster says.
Apple CEO Tim Cook said the company now has 1.3 billion active device users, which Munster notes is comparable to Facebook’s monthly usership.
For full interview, [click here](https://cheddar.com/videos/the-triple-a-of-earnings-apple-amazon-and-alphabet-release-reports).
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
Taylor Swift grossed nearly $2 billion this year, according to Billboard.
