Apple iPhone on track to ship in late June

SAN FRANCISCO (Reuters) - Apple Inc. Chief Financial Officer Peter Oppenheimer said on Wednesday the company's iPhone is on track to ship in late June.

Oppenheimer also said that the gross margin of 35 percent the company turned in during its most recent quarter was "not sustainable" because component costs are not expected to remain as low as they had been.

"We look forward to shipping the iPhone in late June and are very excited," he told Reuters in a telephone interview.