The market went mad.
On Monday, Wall Street saw the tech sector tank as a massive sell off affected the video game giants to the FAANG stocks. The sell off left the Nasdaq in the red as it closed down 1.4%.
And Apple Inc. (AAPL) is expected to post earnings on Tuesday after the bell. UBS says increased average sale price is offsetting fall in iPhone sales.
Apple will be under the microscope once the tech company releases its quarterly earnings report after the closing bell Tuesday, but analysts at UBS warn that people should take the company’s iPhone sales with a grain of salt.
Analysts at the firm argue that any decline in iPhone sales, the company’s bread and butter product, will be offset by the proportion of people willing to pay the premium price for the company’s premium tier products.
The firm cites a survey from consumer intelligence firm CIRP that showed that 26% of Apple consumers paid more than $900 for their phones in March this year. That number is more than quintuple the 5% that paid that much for their phones last year.