UBS: Apple sells 69 million iPhones in Christmas quarter, smashing estimates and breaking records

Investment Banking firm UBS warmed up its proprietary UBS Evidence Lab iPhone Monitor, which spit out some interesting numbers. According to UBS, Apple sold 69.3 million iPhones during the December quarter. That topped the 65.5 million in iPhone sales that Wall Street was expecting for the period. It also results in an impressive 36% year-over-year gain for the holiday quarter. Last year, Apple sold 51 million iPhone units during the same three months, which was short of the 56.5 million in sales that Wall Street had expected.

The proprietary UBS Evidence Lab iPhone Monitor is based on search results compiled from over 20 countries. The data is weighted using Gartner Market Statistics, and after adjusting for seasonal and quarterly conditions, a model is built using the years 2008-2012 as a base.

Apple was able to beat expectations for the calendar fourth quarter due to strong demand in China for the Apple iPhone 6 and Apple iPhone 6 Plus. That is the word from UBS' famed tech analyst Steve Milunovich. He says that China accounted for 35% of iPhone sales in this year's holiday quarter, up from 22% last year.

Milunovich predicts that Apple will report overall revenue of $68 billion for the period, up 18.1% from the $57.6 billion that Apple reported for the December quarter in 2013. The analyst is maintaining his buy rating on the stock, with a target of $125. Apple closed on Wednesday at $107.75, up $1.49 on the day.

source: AppleInsider