Tuesday, 13 November, 2018

Shares fall as Apple warns on sales

Apple won’t disclose how many devices it sold starting next year Credit Flickr
Kayla Schwartz | 05 November, 2018, 23:06

Apple's disclosure that it will stop reporting unit sales of iPhones, iPads and Macs extended the decline to as much as 7.7 percent.

However, the market was disappointed that Apple fell short of expectations, with sales of 46.9 million iPhones and a forecast for the key holiday season that was not as robust as anticipated. Unsurprisingly, the iPhone remains the top dog with more than 46 million units sold during the last quarter, bringing in $37 billion in revenue, more than half of the company's total.

Also, Apple announced that the company, going forward will not announce fully break down of individual shipments of iPhones, Macs and iPads and instead wrap them in a single report similar to what it does with service revenue results report, which includes Apple Music, App Store, after-sale product repairs and other facilities.

"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 now has not one but two smartphones on the market - the XS and XS Max - with price tags that can exceed $1,000.

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"The tech giant announcing that it will no longer be announcing product unit sales only made investors all the more nervous, if sales were expected to be good surely you would want to show the figures?" noted Fiona Cincotta, an analyst at CityIndex, in a research note. Apple manufactures the iPhone SE and iPhone 6 in India which are one of its cheapest iPhones.

Emerging markets and foreign exchange costs were the issues that the company blamed for their poor Q4 report. He said Apple is trying to make up for slowing unit sales growth by charging more for its lineup of devices.

Apple's revenue from services increased 17% YoY to US$9.98 billion.

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

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. Apple reported a quarterly revenue of $62.9 billion on Thursday night. That's a nice jump for a category that saw its lowest sales numbers since 2010 in the third quarter. Cook acknowledged the company's business in India this quarter was "flat".

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