Apple Loses $1 Trillion Market Value After Soft Earnings Report

Apple CEO Tim Cook says he’s bullish on the company’s future in India

Worldwide sales made up 61 per cent of the total number.

Both analysts and investors used it to calculate the average selling price of Apple's devices and gauge the company's financial health. This is the summary of Apple's quarterly result for the fourth quarter. If you don't want the notched look and don't care about the huge bezels on the 8 series, but want to save some money when purchasing an iPhone, this might just be for you. Worldwide sales accounted for 61 percent of the total revenue, while services revenue touched an all-time high of $10 billion. Apple gets most of its revenue from iPhone sales and lately it's boosted its profits by selling higher-priced models.

Apple's revenue from other products recorded the maximum growth, bringing in US$4.23 billion, up by 31% YoY.

"The Street will find this a tough pill to swallow this morning as the transparency of the Cupertino story takes a major dent given that tracking iPhone units has become habitual to any investor that has closely followed the Apple story for the last decade+ and is critical to the thesis".

"We concluded a record year with our best September quarter ever, growing double digits in every geographic segment".

Apple lost its $US1 trillion valuation during Wall Street trade on Friday, as shares fell more than 7%, to a low of $US206.66, following its disappointing fourth-quarter results.

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For the quarter ended in September, Apple brought in $62.9 billion in revenue, beating expectations of $61.5 billion respectively.

Apple's supply partner Wistron, which already assembles entry-level iPhone 6S series in India, is witnessing good sales.

At 11:07 am, Apple shares traded 3 per cent lower at $201.27 apiece on the Nasdaq, underperforming a United States market that was up 0.4 per cent.

Cook added that the company is also continuing its push into education, coding and environmental initiatives.

Meanwhile, in a significant change, Maestri said that Apple's financial-result reporting will change in the upcoming 2019 fiscal year. Analysts, who like to be spoon-fed as much information as possible, interpreted this change to mean Apple foresees declining unit growth of iPhones.

On a call with investors regarding the report, CFO Luca Maestri announced the decision, saying "our objective is to make great products and services that enrich people's lives, and to provide an unparalleled customer experience so that our users are highly satisfied, loyal and engaged".

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