Apple set a new record for iPhones sales this quarter, selling 78.3 million units and bringing in more than $54 billion in revenue. But it set another record as well, in a metric closely watched by investors and analysts: average selling price (ASP). The average iPhone purchased last quarter was $695, a rise of $4 over the same quarter last year.

It’s the highest ever for the iPhone, possibly driven by higher demand for Apple’s larger “Plus” phones, as well as a new 128GB mid-tier offering. New buying mechanisms, where buyers pay nothing up front and make monthly payments, could also help buyers afford higher-end phones.

Apple CEO Tim Cook said on a conference call today that the more-expensive iPhone 7 Plus made up a “higher portion of…

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