Apple loses US$1 trillion status after soft holiday forecast
05 November, 2018, 23:06 | Author: Rafael Roberts
Apple reported another quarter of record revenue, showing resilience after major technology stocks took a beating in recent weeks, but was cautious in the upcoming critical three-month holiday period as it tries to manoeuvre through less-than-ideal economic fundamentals. Global sales accounted for 61% of the quarters' revenue.
Hewson, however, pointed to a "rather twisted sense of priorities" as analysts expect the company to bring in revenue of $90bn next quarter but also obsess about unit numbers over product prices.
The company also argues the quarterly numbers and prices do not necessarily tell the whole story as it diversifies into other business areas.
"If you go to the market and you push your cart up to the cashier and she says, or he says, 'How many units you have in there?' It doesn't matter a lot how many units there are in there in terms of the overall value of what's in the cart". Global sales accounted for 61 percent of the total revenue, while services revenue touched an all-time high of $10 billion. The company said it would stop disclosing data on the number iPhones, iPads and Macs it sells, eliminating a performance metric it has provided since the 1980s.
In the fiscal fourth quarter, iPhone unit sales barely grew from a year earlier, even though new flagship iPhones came out in the period. He said Apple is trying to make up for slowing unit sales growth by charging more for its lineup of devices.
"We concluded a record year with our best September quarter ever, growing double digits in every geographic segment", Apple chief financial officer Luca Maestri said in a statement.
The change is in line with how Apple already treats other hardware sales - such as those of the Apple Watch and HomePod - which it groups together rather than revealing sales in individual categories.
The worldwide sales accounted for 61 per cent of Apple's final quarter revenue and its services revenue reached an "all-time high" of $10 billion.
Subscriptions to Apple services, meanwhile, were up 50 per cent.
Apple's disappointing earnings report has put the iPhone maker's $1 trillion market value at risk.
"We set September quarter revenue records for the iPhone and wearables and all-time quarterly records for services and Mac". Apple, Cook said, manufactures some of the entry iPhones in India and "that project" has gone well.
Cook added that the company is also continuing its push into education, coding and environmental initiatives.
Apple gathered all the negative attention previous year when it was found to throttle older iPhones without notifying the users anywhere.
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