Apple Shares Fall Over 4%, Market Value Dips Below $950 Billion

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

On Thursday after Wall Street closed Apple chief executive Tim Cook had delivered a double dose of bad news at its quarterly sales update. Worldwide sales accounted for 61% of the quarters' revenue. Instead, it called the unit measurement increasingly irrelevant, noting that it's higher-priced phones are selling better (a good thing), making the overall flat unit volume a false data point. iPhone revenue, a figure Apple plans to continue reporting, rose 29% to $37 billion. If you're wondering "Why fourth quarter?", it's because the fiscal 2018 ends three months earlier than the calendar 2018. If you don't want the notched look and don't care about the huge bezels on the 8 series, but want to save some money when purchasing an iPhone, this might just be for you.

Chief Financial Officer Luca Maestri said the company will stop reporting unit sales for iPhones, iPads, and Macs beginning in fiscal 2019.

The Silicon Valley tech giant Apple has faced a sharp downturn in stock price, losing its coveted $1 trillion valuation following the release of their fourth-quarter earnings report. However, after failing to find a satisfying number of new customers for iPhone, Apple has turned to a strategy which will allow people to see only the rosy part of Apple's performance and will have a comparatively lesser impact on its share value. Apple has raised the prices of its high-end iPhone models in recent years to offset slowing unit sales growth and sagging demand for smartphones. Analysts expected revenue of $61.4 billion and earnings of $2.78 a share. 'Other Products, ' which includes Apple TV and the Apple Watch, was up 31 percent to $4.23 billion.

"We set September quarter revenue records for iPhone and Wearables and all-time quarterly records for Services and Mac", Maestri added.

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.

He added that Apple generated $19.5 billion in operating cash flow, and more than $23 billion was returned to shareholders in dividends and share repurchases in the September quarter, bringing the 2018 total to nearly $90 billion.

Those emerging markets are China and India which could not afford to buy expensive Apple gear. Revenue will be reported on the basis on total products and total services, which would mean there will be no product-specific figures in the future.

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