One chart shows how successful the iPhone X is — and Apple investors love it (AAPL)

Tim Cook

Apple announced on Thursday that the average price of an iPhone is nearly $800, or about $100 higher than it was last year.
The increase is due to the $999 iPhone X, which Apple says is its best-selling iPhone.
Apple stock rose over 3% in after-hours trading.

Apple set records on Thursday when it reported December quarter earnings, driving the price up 3% in after-hours trading.

It seems odd, at first glance: Apple actually missed Wall Street targets on iPhone shipments over the crucial holiday quarter. So why the exuberance?

One chart gives even Apple's detractors reason to be optimistic about the world's most valuable public company:

Apple iphone ASP 4q17

This chart shows the average price worldwide that an iPhone is selling for, and it just made a huge jump. The average iPhone now costs nearly $800.

The big jump is because of the $999 super-premium iPhone X, which costs nearly $240 more than the iPhone 7 Plus, which was previously Apple's most expensive phone.

"Honestly speaking, there's no comparison in the revenue, it's hugely different," Apple CEO Tim Cook told CNBC in a post-earnings interview on Thursday evening. "In a positive way, obviously."

Although some analysts believed that Apple's increased price tag for its nicest phone might drive customers away, that doesn't seem to be the case. Cook told CNBC that the iPhone X has been company's best-selling device every week it's been available, while the less expensive 8 and 8 Plus appeal to those who don't want to pony up $999 for a phone.

Basically, Thursday's earnings proved that Apple has the room to raise prices. Now the question for investors is how much higher they can go.

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