iPhone Business Still Shows Fundamental Strength, According to IHS

While Apple's (AAPL) revenue projections and iPhone sales disappointed Wall Street, one technology analyst points to fundamental strength in the iPhone business. Ian Fogg, Head of the Mobile and Telecoms team at IHS in London, said Apple pushed up unit volumes of the iPhone while increasing the average selling price, indicating that the iPhone business is on an upward trajectory. iPhone sales accounted for about 63% of total revenue at Apple. Apple CEO Tim Cook spoke about speed bumps in China, but Fogg said slowing growth in China might not necessary impact Apple. 'Apple's been quite resistant to overall market trends in recent years,' said Fogg. 'It's grown its smartphone business at times when most other companies have been struggling.' Fogg also commented on the Apple Watch, saying it is far too early to tell whether the product is a success.