Apple shares fall on lacklustre expectations for holiday sales

Apple plans to make Face ID even better

Apple suppliers declined after the report.

Apple, which is the world's most valuable company with an estimated value over $1 trillion, forecast that it would bring in between $89 billion and $93 billion in the current quarter. Analysts were looking for US$92.7 billion, according to data compiled by Bloomberg.

Cook said that Apple has had productive discussions with the Indian government on the issue of setting up stores in the country. That sparked concern Apple wants to avoid disclosing weak growth numbers. This is because, since the iPhone 8, all devices that Apple has released have all been priced high. In an interview, he said the change means many shareholders now believe Apple is hiding something.

It isn't the first time when iPhone has failed to receive the response from the market as expected by Apple and many analysts. Both beat expectations. The company also recorded its highest ever quarterly services revenue: $10 billion, up 17 percent YoY. That was a disappointment, considering there were no big iPhone launches in the same period a year ago.

Apple sold 46.8 million iPhones, 9.6 million iPads, and 5.2 million Macs in the final quarter of 2018.




The average iPhone selling price was US$793.

Apple further reinforced the idea that sales of its biggest products may not continue to grow significantly when executives revealed the company will no longer divulge how many iPhones, Macs, and iPads it's selling each quarter. Sales figures are a stable metric by which to measure the health of a company, and by concealing this information Apple is suggesting it's not doing as well as many thought.

What really seems to have ticked off the cranky collection of investments analysts, though, was Apple's decision to cease reporting unit sales of iPhones and the other gadgets its sells. As per data shared by Counterpoint Research, Apple is set to take a significant hit in sales during the festive season. Worldwide sales accounted for 61 per cent of the quarter's revenue. Apple has also been trying to diversify its revenues away from device sales by offering additional services to its customers.

In contrast, Apple's services business, which includes Apple Music and iTunes, continues to grow, with revenue up 17% on this time a year ago to just under 10 billion dollars (£7.6 billion). The company is working on digital newspaper subscriptions and original video content for next year.

Apple said revenue from services, which includes iCloud, the App Store and Apple Music, reached $10 billion, in line with analyst estimates.

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