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).
Delta Air Lines reported a $363 million loss for the first quarter on Thursday, with higher spending on labor and fuel overshadowing a sharp rise in revenue.
Stocks closed lower on Wall Street Friday as worries about interest rates offset an encouraging start to earnings reporting season for big U.S. companies.
Cheddar News takes a look at The Day Ahead as a slate of earnings is due to be reported from some of the country's biggest banks, including JPMorgan, PNC, Wells Fargo and Citigroup. March retail sales are also on tap to be released.
Folks are starting to book summer travel despite inflation concerns. Hayley Berg, chief economist at online travel agency Hopper, joined Cheddar News to provide tips on how to save when planning your trip.
Cheddar News is highlighting companies with a focus on sustainability for Earth Month. Ashley Allen, chief sustainability officer with Oatly, joined Cheddar News to discuss her company's mission to deliver products that have a minimal environmental impact. "We want to make it easy for people to eat better and live healthier lives without recklessly taxing the planet's resources," she said.
