Apple loses $1 trillion status after soft holiday forecast

Apple unveiled the new iPhone 8 iPhone 8S and iPhone X at its launch event in California last year

Image Apple's iPhone sales figures are largely based on the iPhone 8 iPhone 8S and iPhone X because the Xs range only went on sale a month ago

The Cupertino, California company's struggle to break through with India's 1.3 billion consumers swung more sharply into focus this week after Apple blamed a disappointing set of sales forecasts on a handful of big emerging markets. In terms of revenue, Apple broke its own record with $62.9 billion, 20% up from a year ago.

Cook was confident, however, that Apple will be able to get through the circumstances, as the company is armed with "our strongest line-up of products and services ever".

Sure enough, in the three month period ending in September, Apple sold just shy of 47 million iPhones, representing 0% growth in the number of smartphones sold from the prior year. The news caused Apple's stock to tank.

The technology giant's revenue for the last three months was 62.9 billion dollars (£48.4 billion) - up 20% on the same period past year - with a profit of 14.1 billion dollars (£10.8 billion). IPad revenue fell 15 per cent to $4.09 billion from a year earlier.

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Apple will no longer reveal unit sales data regarding its devices.

Apple announced on its earnings call today that it had surpassed its revenue estimates for Q4 2018. However, revenue from the handsets was up 29 percent to $37.2 billion, thanks to the iPhone's average selling price jumping from $618 to $793.

The tech giant yesterday warned shareholders that festive sales could fall below expectations, even as it recorded double-digit growth for the fifth consecutive quarter. On Tuesday last week, the company unveiled a new line of Macs and iPads during an event in Brooklyn.

The trend is indicating a colossal problem Apple has to deal with, and the company has made a decision to opt more damaging strategy to deal with - hide it! But more importantly, for the first time they give margin information on Apple's services business, which reached $10 billion in its fiscal fourth quarter, up 17 percent.

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For its full fiscal 2018 ended in September, Apple reported revenue of $265.6 billion and profits of $11.91 per share, beating analyst estimates of $264 billion and $11.79 per share. Mac sales were down 2 percent, totaling 5.3 million. Analysts were quick to cut their price targets for Apple, but Bank of America Merrill Lynch was optimistic, giving the stock a "buy" rating.

But investors are fixated on the number of iPhones that Apple sells from quarter to quarter, because those revolutionary devices are the key to the company's ongoing success. Apple will no longer report unit sales of iPhones, Macs, and iPads in future quarter earnings releases.

When asked about how Apple plans to continue growing its services business, CFO Luca Maestri highlighted the "exponential trajectory" of all of Apple's services from Apple Music to the Apple Store to Apple Pay.

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