Apple (AAPL) shares were modestly lower, off 0.36% to $498.18 as the company gets set to report fiscal first-quarter earnings Wednesday.
More than 6.2 million iPhones were activated on Verizon's (VZ) network last quarter, half of which were iPhone 5s. This fact leads some to believe that Apple may have sold as many as 56 million iPhones in the all-important holiday quarter.
Topeka Capital Markets analyst Brian White noted that Verizon has accounted for approximately 11% of Apple's total iPhone shipments over the past six quarters.
"Using this 11% number, we can easily back into a greater than 56 million iPhone shipment number in the quarter. Even with 12% penetration, we can get over 51 million," White wrote in a note.Apple reports earnings after the close of trading and analysts expect the Cupertino, Calif.-based tech giant to earn $13.43 per share on $54.7 billion in revenue. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
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