Apple Posts Strong Q4 Earnings Beat, iPhone Sales Miss Expectations (NASDAQ:AAPL)
04 November, 2018, 23:31 | Author: Mary Valdez
Apple sold 9.7 million iPads, 46.9 million iPhones, and 5.3 million Macs during the quarter. The X continues to sell well enough that Apple moved roughly the same number of iPhones and made almost 30 percent more.
Apple has posted fourth-quarter revenue of $62.9bn - an increase of 20% year on year.
"Time for investors to adjust to the new disclosures", analysts from the brokerage said.
Even as the company saw record iPhone sales globally, India continued to be a low point.
In an interview with Reuters, CEO Tim Cook blamed this on weakness in emerging markets, foreign exchange costs, and uncertainty whether the iPhone maker can keep up with demand for new products.
"We set September quarter revenue records for iPhone and Wearables and all-time quarterly records for Services and Mac", said Luca Maestri, Apple's CFO. Apple has never disclosed unit sales for the Apple Watch, its most recent new hardware category.
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.
Despite a show-of-force performance in its fiscal fourth quarter, Apple's revenue forecast for the coming quarter was merely around Wall Street's previous average estimate. This represented an increase of 21.1 percent from Q4 2017.
A bright spot for Apple was the company's services business, which includes revenue from the App Store, Apple Music as well as iCloud subscriptions.
Apple shares were selling off in early trading Friday as Wall Street reacted to the tech giant's weaker-than-expected holiday sales guidance and an announcement that it would no longer report the number of iPhone it sold on its quarterly earnings reports.
Neil Shah, research director at HongKong-based Counterpoint Research, said on Saturday its channel checks pointed to numbers for the quarter in the range of 700,000 to 800,000 units, down from about a million a year ago.
Cook is bullish on Apple's success in India in long term run, as more and more people are moving to the middle class and the Modi government is really "focused on reforms in a major way and made some very bold moves and I applaud them for doing that and can't wait for the future there". Apple also says that moving forward it will release what it describes as "qualitative statements" about product sales at irregular intervals. Earnings came in ahead of analyst estimates at $2.91 per share. This resulted in iPhone revenue growing 29 percent year-over-year.
In contrast, Apple'sservices 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).
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