Apple sells 41.3 million iPhones, a slight miss

  • Apple sold 41.3 million iPhones during the June quarter, its fiscal third quarter of 2018.
  • Wall Street expected 41.79 million iPhones sold during the quarter, according to a FactSet consensus estimate.

Apple sold 41.3 million iPhones during the quarter ended June 30, which missed Wall Street estimates, the company announced Tuesday.

Wall Street was looking for 41.79 million iPhones sold during the quarter, according to a FactSet consensus estimate. Apple sold 41.03 million iPhones during the same quarter last year.

Apple beat Wall Street on the average selling price (ASP) of its iPhones, however. Apple's iPhone ASP during the quarter was $724 versus Wall Street's $693.59 estimate. That's likely due to higher than expected sales of the iPhone X, which starts at $999.

CFO Luca Maestri suggested on the earnings call that Apple could have sold more than 44 million iPhones during the quarter had Apple not pulled back on channel inventory. CEO Tim Cook told CNBC's Josh Lipton that Apple cut channel inventory by 3.5 million units.

As usual, Apple didn't break out sales by iPhone model. However, in May, CEO Tim Cook said the iPhone X was the best-selling iPhone for the quarter ended March 31.