Don't Overlook This Pricing Detail From Apple's iPhone Announcement

Core Insights - Apple shares experienced a slight dip following the unveiling of the iPhone 17 series, with the starting price of the iPhone 17 Pro increased to $1,099, which is $100 higher than the previous year's model [2][8] - The iPhone business has shown a resurgence, with record fiscal third-quarter revenue and double-digit growth in iPhone sales, indicating a strong demand environment [3][5] Financial Performance - In the fiscal third quarter, Apple reported total revenue of $94.0 billion, a 10% year-over-year increase, with iPhone revenue rising 13% to $44.6 billion from $39.3 billion [5] - Services revenue reached a record $27.4 billion for the June quarter, contributing to a 12% year-over-year increase in earnings per share [5][6] Market Position and Valuation - Apple's stock is trading at a high valuation, with a market cap near $3.5 trillion and a trailing price-to-earnings ratio in the mid-30s, reflecting high expectations for sustained growth [7] - The introduction of the iPhone Air, priced below the Pro line, aims to attract mainstream buyers and potentially boost average selling prices and revenue [8]