Apple holiday forecast misses on iPhone demand, shares fall
Apple holiday forecast misses on iPhone demand, shares fall
05 November, 2018, 23:04
Apple manufactures the iPhone SE and iPhone 6 in India which are one of its cheapest iPhones. That decline, combined with a reduction in the number of shares outstanding after accounting for repurchases during Apple's fiscal fourth quarter, erased almost $90 billion in market value. So far so not so serious.
"As demonstrated by our financial performance in recent years, the number of units sold in any 90-day period is not necessarily representative of the underlying strength of our business", Apple CFO Luca Maestri said during an earnings call, noting that the company's competitors did not disclose unit sales information. The most notable message came during the earnings call where Cook revealed that it is looking to set up retail stores and expand local manufacturing in India. That would be bad.
Apple's flagship smartphone proved an interesting - and quite expected - metric: while units sold were practically flat - 46.9 million versus 46.7 million in the same period last year - revenue was significantly higher at $37.2 billion against $29.9 billion, thanks to the higher pricing that began with last year's decade-marking iPhone X.
This feels like a tempest in a teapot, though if investors think it's a gale in the technology ocean, then indeed it is.
Apple now has not one but two smartphones on the market - the XS and XS Max - with price tags that can exceed $1,000. Customer satisfaction for the Apple Watch, he said, was also high, adding that the wearable is among the ways the company can make breakthroughs into the health industry.
Apple said it expects between $89 billion and $93 billion in revenue for its fiscal first quarter ending in December, with a midpoint of $91 billion coming in below Wall Street expectations of $93 billion.
The global sales accounted for 61 per cent of Apple's final quarter revenue and its services revenue reached an "all-time high" of $10 billion.
For its full fiscal 2018 ended in September, Apple reported revenue of $265.6 billion, beating analyst estimates of $264 billion.
Apple's revenue in Q4 2018 increased by 20% to US$62.9 billion.
Subscriptions to Apple services, meanwhile, were up 50 per cent. Shares in Facebook Inc, Amazon.com Inc, Netflix Inc and Google-owner Alphabet Inc all rose on a generally buoyant Wall Street.
Apple shares dipped as much as 4.5 per cent to hit an intraday low of $198.17 in early deals, from the previous close of $207.48.
"When Apple was doing great, unit sales told a wonderful story".
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