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).
Facebook owner Meta on Wednesday cut positions across its business and operations teams in the final round of layoffs that were first announced in March.
The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday, a slight upgrade from its initial estimate.
Cheddar News checks in to see what to look out for on The Day Ahead as earnings continue with reports from Gap, Best Buy, Costco Wholesale and Ulta Beauty while key economic data is also due to be released. It's also National Wine Day on Thursday.
