The price of a high-end iPhone has increased 66% since 2009. Tim Cook says people are willing to pay more for 'the best.'

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by Anna Munhin Feb 6, 2023 News
The price of a high-end iPhone has increased 66% since 2009. Tim Cook says people are willing to pay more for

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The Consumer Electronics Show takes place every January. People from all over the world come to the show. Many startup tech companies show off their latest devices as big electronics companies set up booths One of the most notable tech companies, Apple, never shows up. They only presented their work at Macworld. The absence of Apple changed the event.

Side-by-side picture of iPhone 3GS and iPhone 14 Pro Max
Apple's iPhone 3GS, left, and iPhone 14 Pro Max, right.Bobby Yip/Reuters, Stanislav Kogiku/SOPA Images/LightRocket via Getty Images
  • In an earnings call, Tim Cook said that people are willing to pay more for a better phone.

  • Since the introduction of the iPhone 3GS in 2009, the price of a high-end Apple device has gone up.

  • Apple reported a decline in revenue for the last quarter of the year.

Since 2009, the price of the most expensive model of the phone has increased by more than half, but Apple CEO Tim Cook doesn't seem concerned.

Cook said during the earnings call that people are willing to pay more because the phone is so important to them.

Cook said that people are willing to stretch to get the best they can afford.

The CEO of the company answered questions about Apple's quarterly report, which came in below expectations.

Since the introduction of the iPhone in 2007, Apple has become one of the most valuable companies in the world.

It was the first US company to be worth a billion dollars. After reaching a $3 trillion market cap last year, the company's value has gone up to a whopping $2.45 trillion.

The price of the high-end version of the product has increased.

When it was released more than a decade ago, the iPhone 3GS, with maxed-out memory storage and no contract, cost almost $1,000.

The latest high-end model of the phone, the 14 Pro Max, costs more than a thousand dollars. The price has increased by roughly 70%.

In today's dollars, the phone sold for around 1,300 dollars when it was first released.

The 12 Pro Max was cheaper than the 11 Pro Max in a brief pause.

The iPhone has been criticized for its premium prices in the US. The Washington Post reported last year that the prices of many Apple products were rising faster than inflation.

Apple has tried to make it more affordable. The company introduced the iPhone 5C which was $100 cheaper than the iPhone 5S.

A request for comment was not responded to by an Apple representative.

Business Insider has an article on it.

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