Apple is selling refurbished iPhone 8 and 8 Plus starting at $499

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

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

Apple announced its fourth quarter earnings for fiscal 2018, where it delivered record results from iPhone, services and wearables division. Cupertino also warned that sales during the upcoming holiday season may miss Wall Street expectations, adding that it would stop reporting how many devices it sells.

"Apple management are probably more concerned that a higher unit sale price might prompt accusations that the company is taken its customers for granted by continually ramping up prices", he said.

"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. Apple's stock lost 6.7 per cent after the conference call on Thursday, causing it to briefly go below its historic $1 trillion market value.

Walt Piecyk, a respected tech analyst at BTIG Research told the Financial Times, "It's certainly not a good look for Apple in the eyes of consumers when analysts are quoting ASPs [average sales prices] that are rising by double digits ..." A simple calculation shows that on average, each iPhone sold brought Apple $793 in revenue.

Emerging markets and foreign exchange costs were the issues that the company blamed for their poor Q4 report. Apple had introduced the iPhone XR, made of aluminum, along with two other models, the XS and XS Max, in September this year. 'Other Products, ' which includes Apple TV and the Apple Watch, was up 31 percent to $4.23 billion.

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Apple's revenue from services increased 17% YoY to US$9.98 billion. He said Apple is trying to make up for slowing unit sales growth by charging more for its lineup of devices.

The company registered $62.9 billion in revenue, an increase of 20% over the same period previous year, and quarterly earnings per diluted share of $2.91, up by 41%. The iPhone still looms large over Apple's fortunes, accounting for more than 60 percent of revenues.

Piecyk said the reporting changes raised questions about whether iPhone sales peaked in 2015, when the company sold 231m handsets. Sales were flat in the fourth quarter in India, Cook said.

Apple, which topped the $1 trillion mark on August 2, had a market value of $1.073 trillion at the close of trading on Thursday, according to data compiled by Bloomberg.

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