Apple is still playing the launch of its tenth-anniversary iPhone close to the vest.
The iPhone 8 is expected to be available in the fourth quarter of this year. "We're looking forward to product updates," Cook said coyly on the Apple Inc. (Nasdaq: AAPL) third quarter 2017. He, however, ducked a question about the actual launch date.
Cook, meanwhile, described the decline in current iPhone sales as a "pause" while users wait for the latest iPhone. As an indication of that, iPhone hardware sales were down nearly 20% quarter-on-quarter at 41 million units.
As such, we got no indication on the call whether the iPhone will support the faster Gigabit LTE technology on the phone. This would deliver between 100 Mbit/s and 300 Mbit/s downloads to users on upgraded networks. Since Apple is currently having a very public legal feud with Qualcomm Inc. (Nasdaq: QCOM), it is unknown if these chipsets will be onboard the iPhone 8.
"Apple may not be able to close a deal with Qualcomm to offer a competitive modem solution," said ABI Research research director Jeff Orr in a note Wednesday. (See When Is a Gig Not a Gig? When It's Gigabit LTE!)
The original iPhone launched in 2007, and Apple has sold more than 1.2 billion iPhones since then, Cook said.
Apple's third-quarter revenue was up 7% year-on-year at $45.4 billion. Net income was up 11.2% at $8.72 billion. Adjusted earnings per share were up at $1.67, beating Wall Street expectations.
Apple shares were trading up at $159.22, or 6.11%, in after-market trading.
— Dan Jones, Mobile Editor, Light Reading