Apple Shares Sink Following Earnings

Nov 05, 2018, 01:50
Apple Shares Sink Following Earnings

Shares fell more than 6 percent - a decline that, if it holds, could threaten Apple's status as the only US company with a valuation of more than $1 trillion. Apple suppliers declined after the report. Analysts were looking for $92.7 billion, according to data compiled by Bloomberg.

Apple was unsure whether it can make enough new iPhones, Apple Watches, iPads and Mac models it released in recent weeks, Cook told Reuters. But Apple can't avoid the problem forever.

Apple is trading lower in after-hours and could potentially drop below the much-heralded trillion dollar valuation.

Cook said that Apple is "watching a weak macroeconomic indicators for a number of developing markets".

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Apple wants to use the device to promote device upgrades among the already existing iPhone users.

So while iMac unit shipments were down by 2%, iMac revenue grew by 3% to $7.4bn in the fourth quarter. This is down from around 1 million recorded during the same period previous year.

Apple sold 9.7 million iPads during the quarter, gaining share in almost every market it tracked.

The average selling price (ASP) of the iPhone is $793, up from $617.99 a year ago.

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Apple did report its best fourth-quarter ever with revenues of $62.9 billion, a 20% increase from a year ago. iPhone sales were 46.89 million in the quarter, up 29% from a year ago.

Keep in mind that these are units refurbished by Apple itself, which means you they're tested, certified, cleaned, given a new battery and outer shell, and come with a one-year warranty that you can extend with AppleCare+. With a starting price of $749, it's expected to be a popular holiday gift, luring owners of older iPhones to upgrade. The iPhone still looms large over Apple's fortunes, accounting for more than 60 per cent of revenue. It's also the central hub for connecting the other devices and using services. Revenue from Apple's services division, meanwhile, increased by a solid 17% compared to the September quarter of 2017.

Other analysts said the outlook remains positive for Apple as it diversifies its revenue base with more services such as streaming music and Apple Pay, and moves toward the launch of a video service that could compete with Netflix. The company is working on digital newspaper subscriptions and original video content for next year.

Apple sees Q1 sales in a range of $89-$93 billion against a $92.91 billion estimate. "Although the long term opportunity is significant, we expect near term pressure on shares". That beats analysts' expectations of $2.78 earnings per share on revenue of $61.4 billion. This is up 20 per cent compared to the corresponding period from a year ago.

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