Apple CEO Tim Cook speaks about the Apple iPhone XS at the Steve Jobs Theater during an event to announce new Apple products Wednesday, Sept. 12, in Cupertino, Calif. (AP Photo/Marcio Jose Sanchez)

Apple CEO Tim Cook speaks about the Apple iPhone XS at the Steve Jobs Theater during an event to announce new Apple products Wednesday, Sept. 12, in Cupertino, Calif. (AP Photo/Marcio Jose Sanchez)

Apple CEO Tim Cook shows off new $1,100 iPhone

By making costlier phones, the company has been able to boost profits despite less frequent demand.

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