Apple's 'Pro' Blues: Why iPhone's Average Selling Price Is At 18-Month Low - Apple (NASDAQ:AAPL)

Apple Inc. AAPL has a new problem on its hands — the average selling price of iPhones in the U.S. has fallen to an 18-month low at the end of the September 2023 quarter.

What Happened: The iPhone's average sales price has fallen to $918 for the September quarter, falling for the second consecutive quarter, according to data from analytics firm CIRP.

CIRP's data considers the different storage options but does not factor in any wholesale discounts being offered by Apple to retailers.

iPhone's average sales price peaked in the March quarter this year, at $988. However, it has since dropped by $70.

One of the top reasons for this drop is the sharp decline in interest in the iPhone 14 Pro and iPhone 14 Pro Max. According to data, the two iPhone 14 Pro models constituted only 23% of the overall sales mix in the September quarter.

This is a sharp decline from the iPhone 13 Pro and iPhone 13 Pro Max, which accounted for 37% of the total sales in the Sept. 2022 quarter.

It is worth noting that CIRP's data captures only a few days of the iPhone 15 series being on sale – Apple launched the latest iPhone on Sept. 12 and it went on sale a week later, with deliveries taking another week, depending on the region.

USB Type-C Port To Blame? While CIRP has not explained the reason for the sharp fall in interest in the iPhone 14 Pro models, it is possible that buyers have been flocking to the iPhone 15 Pro models because of the addition of the USB Type-C port, the A17 Pro chipset, and improved cameras.

The iPhone 15 series has also helped the global smartphone industry reverse a 27-month slump and register its first month-on-month growth in October, according to data from Counterpoint Research.

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