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Apple CEO Tim Cook
Apple CEO Tim Cook

While many analysts on Wall Street seem to think that the premium smartphone market has become largely saturated, Apple’s CEO thinks that there’s still room for growth in that product segment.

“I don’t subscribe to the common view that the higher end, if you will, of the smartphone market has hit its peak,” Apple CEO Tim Cook said during the question and answer component of the company’s third quarter earnings call. “But we’ll see and we’ll record our results as we go along.”

That comment comes as Apple reported sales of 31.2 million iPhones during Q3, a record for its June quarter. If the conventional wisdom is right, growth of iPhone sales would begin to taper off, which would have significant consequences for Apple, especially if the company releases a new iPhone in the fall as expected.

According to a recent report by UBS, fewer Americans are upgrading their cell phones to more advanced models.

Previously on GeekWire: Apple sells 31.2 million iPhones and 14.6 million iPads in Q3, but profit growth slows

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