Apple skipped a standard, non-Pro iPhone at its Wednesday event, John Ternus' first as CEO, unveiling only the iPhone 18 Pro, Pro Max and the foldable iPhone Duo instead. Analysts expect the company to release a lower-priced mainline iPhone at a separate spring event, splitting its annual launch into two parts for the first time in years. The cheapest new phone shown, the iPhone 18 Pro, starts at $1,199, a $100 increase from the outgoing iPhone 17 Pro.
Apple skips the standard iPhone at its fall event
In John Ternus' debut showcase as CEO, Apple unveiled its first foldable phone, the iPhone Duo, alongside the iPhone 18 Pro and Pro Max. But for investors, the bigger story may be what was missing: a non-Pro iPhone 18.
Analysts had largely expected the shift and foresee Apple releasing its mainline iPhone at a spring event, the slot where the company has previously introduced lower-cost models such as the iPhone SE and iPhone 16e. The least expensive new iPhone announced Wednesday was the iPhone 18 Pro, starting at $1,199 in the U.S., a $100 increase. The iPhone 17 cost $799 before the event but was relisted at $899 afterward.
A split launch aimed at smoothing revenue
Ternus replaced Tim Cook on Sept. 1, becoming only the second Apple CEO since Steve Jobs resigned in 2011. Cook has warned that supply constraints will persist, and Apple said during its July earnings call that the issue would worsen in the September quarter.
Holding mainstream iPhones until spring is a new tactic for Apple. Industry analysts said the company is looking to smooth its revenue from quarter to quarter, since its first fiscal quarter, which includes Christmas, has historically been the strongest, followed by much slower quarters. A big spring launch with a lower-priced device could help offset that slower season, analysts said.
Francisco Jeronimo, a vice president at IDC, said the split-launch strategy should give Apple some stability balancing revenue across the year.
Rising prices and a play on the supply chain
Apple's average selling prices have been rising in recent years as Pro phones outsell standard models. In the first half of 2026, the iPhone 17 Pro and Pro Max represented 54% of iPhone sales, against 26% for the regular iPhone 17, according to IDC estimates.
According to Bank of America analyst Wamsi Mohan: "the split launch could support mix and ASPs", though he added it creates a risk that price-sensitive consumers defer upgrades until the lower-priced models arrive. Releasing two new models instead of four could also simplify what Apple needs to secure from its supply chain, said Neil Shah, vice president of research at Counterpoint Research, noting that high memory pricing is not helping Apple launch multiple iPhones at once.
Foldable design and a new in-house modem
Apple closed the event by introducing the foldable iPhone Duo, starting at $1,999. Craig Federighi, senior vice president of software engineering, said Apple redesigned much of iOS to take advantage of the two screens, letting users multitask with two apps and use Apple's Pencil stylus.
The phone runs on Apple's new C2 modem, a second-generation, in-house chip that further reduces reliance on Qualcomm. Johny Srouji, Apple's chief hardware officer, said C2 is 50% faster than its predecessor and runs at 15% lower energy.
Source: CNBC
Trading involves risk.
Risk Disclaimer
