Its fourth quarter results, covering the three months to October, showed Apple sold fewer iPhones than analysts had expected - nearly 47 million - but revenues and profits all smashed forecasts. The iPhone still looms large over Apple's fortunes, accounting for more than 60 per cent of revenues.
On the call with analysts, Apple CEO Tim Cook tried to explain the decision to do away with unit sales figures by way of a grocery store analogy. During that quarter Apple sold 46.7 million iPhones, 10.3 million iPads, and 5.4 million Macs.
Customers look at new Apple watches, including the Series 4, at an Apple store in NY. We foresee Apple reaching the high-end of this range, with an estimated $64 billion in iPhone revenue driven by 4% ASP growth, thanks to a favorable mix skewed to the XS/XS Max and LCD-variant XR.
Revenue was up 20% on a year ago at $62bn while profits rose 41%. Services revenue reached an all-time high of United States dollars 10 billion.
These higher average sales numbers were a key contributor to Apple's earnings: The company generated $62.9 billion in revenue during the quarter ending September 30, compared to $52.6 billion during the same quarter previous year.
But he added: "Judging by the sales numbers that does seem likely, but when your average selling price rises to $793 a unit, due to the launch of higher spec and higher priced products, who really cares?"
"The Street will find this a tough pill to swallow this morning as the transparency of the Cupertino story takes a major dent given that tracking iPhone units has become habitual to any investor that has closely followed the Apple story for the last decade+ and is critical to the thesis".
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Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties. Most of those imports are now being charged a 10 percent tariff, which is set to increase to 25 percent at the end of the year.
Apple saw double-digit growth across all of its geographic segments, hitting new quarterly records for both Mac and Services. The total revenue amounted to $62.9bn with earnings per share of $2.94.
What spooked some investors may have been the guidance Apple gave for its holiday quarter sales.
What makes this even more remarkable is that Apple reported zero sales growth on premium iPhones - where it makes most of the money.
"The number of (iPhone) units sold during any quarter has not been necessarily representative of the underlying strength of our business", Luca Maestri, Apple's chief financial officer, told analysts in a conference call.
iPad unit sales amounted to 9.69 million, down 6 percent year-over-year. The Chinese have lower incomes and are too canny to fall for Apple's marketing and Jobs' Mob was never going to drop the price enough to be a starter in India.
"We believe this represents a massive forward opportunity for Apple and, as such, welcome the news that the company is looking into streaming video services".