Apple suppliers declined after the report. New Apple iPhone XS Max, iPhones XS India Pre-orders Start Midnight Exclusively on Flipkart. But Apple can't avoid the problem forever.
But the latest models costing $1,000 and more are popular enough to keep propelling profits ever higher for the world's most prosperous company.
Citi analyst Jim Suva said, "It sounds like you're still going to give revenue data if I heard that correctly".
The result of Apple's fiscal Q4 2018, ended on September 30, has been no less than a surprise for everyone. The number fell short of analysts' estimates and was a disappointment, considering there were no big iPhone launches in the same quarter past year.
Apple sold 46.9 million units of iPhone, generating US$37.19 billion in revenue. The YoY increase mostly comes from the $1,000 iPhone X, which has been the best-selling iPhone since its launch in September 2017.
The tech giant's strategy of charging more for its phones has paid off, with revenues jumping in the last three months despite relatively flat sales.
Apple will no longer reveal unit sales data regarding its devices.
An overview of the performance of Apple in terms of revenue brought in geographically, and overall, is provided above. It's also the central hub for connecting the other devices and using services.
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. The company is working on digital newspaper subscriptions and original video content for next year.
George Salmon, an analyst at Hargreaves Lansdown said that Apple was charging close to $800 per phone, and while that's helping revenues climb despite flat sales volumes it can not last. Profit came in at US$2.91 a share. The total revenue amounted to $62.9bn with earnings per share of $2.94.
Shares hit $209.20, down from $232 at the start of October, even after Cook reassured investors that Apple's popularity in China remained strong, in the face of a strong United States and China trade war.
"These are markets where currencies have weakened over the recent period". "Usually, if they sell a lot of something, you want to tell everybody", the Apple co-founder told the New York Times nine years ago when criticizing Amazon's Kindle. Save for the iPad, all other categories rose, led by other products (31 per cent) and iPhones (29 per cent).
Neil Shah, research director at HongKong-based Counterpoint Research, said on Saturday its channel checks pointed to numbers for the quarter in the range of 700,000 to 800,000 units, down from about a million a year ago.
Apple stocks didn't react well to the lower than expected unit sales though.