Apple posts big quarter on fast sales start for iPhone 12

SAN RAMON, Calif. (AP) — Apple’s delayed launch of its latest iPhones unleashed a holiday buying frenzy that propelled sales of the trendsetting company’s most popular product to its fastest start in years.

The apparently pent-up demand for four different iPhone 12 models highlighted Apple’s latest quarterly report Wednesday.

Apple’s iPhone sales during the October-December period totaled $65.6 billion, a 17% increase from the same time in the previous year.

Part of the gain reflected pandemic-driven production problems that pushed back the release of the new iPhone until October and November. In past years, including 2019, Apple rolled out its new iPhones in late September, resulting in a spike in sales in an earlier quarter than how things unfolded last year.

But analysts also believe the past quarter’s sales surge was driven by consumers’ strong desire to own one of the new models. If that is true, Apple could be on its way to its biggest year of iPhone sales since its 2014 release of the iPhone 6, which tantalized consumers with larger screens. Apple CEO described the consumer response to the iPhone 12 as “enthusiastic" during a conference call.

Although it may seem counterintuitive to see a big sales upswing against the backdrop of a pandemic that has battered the economy and squeezed household budgets, Apple has several factors working in its favor.

The iPhone 12 features a new design and also works on the new ultrafast 5G wireless networks gradually rolling out around the world, two factors that could spur many Apple fans to upgrade from their older models. Apple also traditionally caters to an upscale demographic that may have remained employed during the past year. Those consumers have had even more disposable income to spend after restrictions aimed at fighting the spread of COVID-19...