Apple Posts Record Results Even With Fewer iPhones Sold

Apple Inc.’s move to raise prices on the iPhone paid off with record quarterly revenue and profit even though the world’s most valuable company sold fewer of its most important product.

Sales of the iPhone X—released in November at a starting price of $1,000—lifted the average selling price for iPhones by nearly 15%, Apple said on Thursday. That helped propel total revenue up 13% to an all-time high of $88.29 billion in the quarter, which was a week shorter than the same period a year earlier, even though the number of iPhones...