Tech

Apple Q4 2018 quarter results: Services revenue record new high

Apple Q4 2018 quarter results: Services revenue record new high

The iPhone-maker, which reported disappointing results for the fourth quarter, is at a disadvantage in India due to its inability to produce smartphones and owning stores, according to Chief Executive Officer Tim Cook.

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. The average selling price of iPhones was $793, well above analyst estimates of $750.78.

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+. The results were good, with Apple raking in record revenue - up 18 per cent quarter-on-quarter, and 20 per cent year-on-year.

"Apple might not think it's helpful to report unit data for its products, but we do", BTIG analysts wrote in a research note.

However, Apple finance chief Luca Maestri claimed the number of units it sold was "less relevant today than it was in the past" because it now sold a wider range of products at different prices.

More news: Liverpool defender Joe Gomez: Arsenal are title contenders

Shares hit $209.20, down from $232 at the start of October, even after Cook reassured investors that Apple's popularity in China remained strong, in the face of a strong U.S. and China trade war. The period included about a week and a half of sales of the high-end iPhone XS and iPhone XS Max models.

Both, the declining/stagnating sales and increasing ASP of iPhone, has been attracting enough criticism for Apple, especially at the time when the growth of the global smartphone market is largely driven by developing markets, likes of India.

The change is in line with how Apple already treats other hardware sales - such as those of the Apple Watch and HomePod - which it groups together rather than revealing sales in individual categories. Analysts expected revenue of $61.4 billion and earnings of $2.78 a share. Apple raised prices on most of the devices, a relatively recent strategy to offset slowing unit sales growth. That's a nice jump for a category that saw its lowest sales numbers since 2010 in the third quarter.

Most analysts were still upbeat on fourth-quarter results, and there was no obvious fallout for rest of the FAANG group of major USA tech stocks. Apple also recently introduced more expensive iPad Pros and MacBook Airs.


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