Are thousand-dollar iPhones now a necessity? From reactions to Apple earnings, you sure might think so.

Turns out thousand-dollar smartphones are still proving to be essential purchases in a tough economy.

That’s the view of Evercore ISI analyst Amit Daryanani, who said that Apple Inc.’s AAPL latest quarterly results “validate not just the diversity of Apple’s revenue stream,” but also showcase “the ‘consumer staple’ nature of iPhones,” whereas investors may see the iPhones more as “a discretionary technology product.”