Can new iPhones juice Apple's spectacular run?
September 14, 2021 at 12:13
What's happening: Apple is expected to unveil its new iPhone 13 at a flashy event on Tuesday.
Analysts predict that the announcement will help sustain the recent surge in sales as customers continue to upgrade their devices.
Remember: The iPhone 12, the first to come with 5G capability, has been a huge hit.
In its most recent quarter , Apple reported a nearly 50% year-over-year jump in iPhone sales to $39.6 billion.
"We continue to be heartened by our customers' response to the iPhone 12 lineup," CEO Tim Cook told analysts in July.
That said: Plenty of unknowns remain, including what the iPhone 13 will cost and the timing of its launch.
"Pricing is the most important variable," Bank of America analysts Wamsi Mohan and Ruplu Bhattacharya wrote in a research note.
"This opens up the possibility of developers getting customers to circumvent Apple's payment system, which would reduce Apple's net dollar revenue from the App store," the team at Bank of America said.
These developments are ultimately less important for Apple's stock price than the company's new product launch, however.
"The most important thing fundamentally is still hardware sales," Sophie Lund-Yates, senior equity analyst at Hargreaves Lansdown, told CNN Business.
Watch this space: The Wall Street consensus is clearly that Apple's stock has further to run.
Coming tomorrow: Energy Information Administration data on US crude inventories arrives as West Texas Intermediate futures trade near $71 per barrel.