Apple yesterday said the 40 million iPhones it sold in the June quarter brought in an average of $595 each, the lowest number and the largest year-over-year decline in average selling price in two years.

The drop in average selling price, or ASP, was largely credited to the introduction earlier this year of the lower-priced iPhone SE, which sells for $399 and up.

“The magnitude of the [ASP] drop is an indication that the iPhone SE … has been something of a hit,” wrote Jan Dawson, principal analyst at Jackdaw Research, in a post to the firm’s blog.

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