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Spurred by big demand for top-of-the-line iPhones, the average selling price in the U.S. hit $873 last quarter, up from $809 a year ago, according to a report from Chicago-based Consumer Intelligence Research Partners.

Why it matters: Apple still makes a huge chunk of its revenue and profits from iPhone sales, though services are an increasing source of both as well.

By the numbers: "For the full quarter, the new iPhone 12 models, and in particular the most expensive ones, garnered a significant share of sales," said CIRP partner and co-founder Josh Lowitz.

Even though the new models weren't available for the full quarter, average selling prices were still the highest the analysis firm has seen in its 10 years of surveying iPhone buyers.

What's next: We'll learn more about Apple's quarter when the company reports earnings on Wednesday.

Average U.S. iPhone price hits a record $873

Technology

iPhone

Business

Spurred by big demand for top-of-the-line iPhones, the average selling price in the U.S. hit $873 last quarter, up from $809 a year ago, according to a report from Chicago-based Consumer Intelligence Research Partners.Why it matters: Apple still makes a huge chunk of its revenue and profits from iPhone sales, though services are an increasing source of both as well.

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Average U.S. iPhone price hits a record $873

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