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Why Apple's stock is down, pushing market value below $1 trillion
04 November 2018, 11:29 | Joann Bryant
The Citibank 10 percent cashback is valid on iPhone models bought via offline stores
Revenue growth was up in all major markets, with Japan seeing the largest increase of 34 percent YoY.
Recently, the sales of iPhones, iPads and Macs have gone down.
Analysts have long used iPhone unit sales and average sale price to gauge the overall health of Apple's business, given the smartphone's importance to the company's overall results.
The AppleServices division hit $10 billion in the quarter, a record for the company.
Apple this week unveiled a new version of its MacBook Air laptop, this time made of recycled aluminum, as well as a new Mac Mini and an iPad Pro, all pricier than their predecessors.
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 a year ago.
Cook blamed weak currency for snail paced growth in emerging markets like India.
This prompted the company to give a first-quarter forecast that was below expectations.
Apple's cautious forecast could accelerate investor fears that have in turn erased stock market gains for much of the year. It managed to recover, though: as at 6:50am in NY, it was at $1.073 trillion.
What really seems to have ticked off the cranky collection of investments analysts, though, was Apple's decision to cease reporting unit sales of iPhones and the other gadgets its sells.
Apple stocks didn't react well to the lower than expected unit sales though.
Applereleased its latest iPhones, models selling from $1,000 to $1,500, at the tail end of the quarter, and those appeared to get off to a strong start. Apple has responded by promoting software and services across its devices and raising prices on new gadgets.
"We concluded a record year with our best September quarter ever, growing double digits in every geographic segment", Apple chief financial officer Luca Maestri said in a statement.
"We set September quarter revenue records for the iPhone and wearables and all-time quarterly records for services and Mac".
Apple said today a dividend of 73 cents Dollars per share will be paid out to shareholders on November 15, 2018.
Instead, Apple continues to try to focus investors on the strong sales growth for supplementary services, including Apple Music, Apple Pay and iCloud.
Cook however also revealed that the business in India was flat during the fourth quarter. The transparency by Apple was liked by many people including analysts.
Apple announced on its earnings call today that it had surpassed its revenue estimates for Q4 2018.
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