Average iPhone Cost $695 Last Quarter, Setting New Record

Apple has reported an all-time high for its average iPhone sale price. The average phone sold by the company during the last quarter cost $695, up $4 over the average price from the same quarter last year. Apple sold a total of 78.3 million units and reported $54 billion in revenue.

The increase in the average sale price is likely connected to high sales of the iPhone 7 Plus. The availability of a monthly payments option for purchasing phones could also increase the amount people are willing to spend.

CEO Tim Cook said the 7 Plus made up a "higher portion of new product mix than we've ever seen with Plus models in the past."