Apple shares sag on soft forecast of holiday iPhone sales

Apple Q4 2018 Results: $62.9 Billion Revenue, 46.9 Million iPhones, 9.7 Million iPads Sold

Shares tumbled more than 7 percent after the bell on Thursday, despite the company beating analyst estimates for both earnings and revenue. The stock closed at $222.22 in NY, leaving it up 31 percent this year. For that reason, he expects Apple's stock to fall slightly out of favor, at least until the new reporting structure is fully digested.

Apple says instead it'll focus on the revenue generated. Analysts were looking for $92.7 billion, according to data compiled by Bloomberg.

" We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", said Tim Cook, Apple's CEO.

In a transcript of the earnings call posted on the Seeking Alpha financial blogging site, Apple CFO Luca Maestri explained how the recent tie-up with Salesforce would help the company provide a unique experience for users who access the Salesforce app from iOS. Cook acknowledged the company's business in India this quarter was "flat". As of right now, the program is still being piloted, and there's no mention of it anywhere on Apple's website, so it's currently unclear when the general population will be able to benefit from it.

Apple reportedly plans to expand the pilot later this month to include even more devices such, as the iPhone 4s and mid-2012 MacBook Pro.

This is the new story for Apple.

Apple sold 9.7 million iPads during the quarter, gaining share in almost every market it tracked.

The company Apple released 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. It went big with a 6.5-inch version of last year's iPhone X-the $1,099 iPhone XS Max. It's a bet that consumers will continue to pay up for access to the company's specialized and tightly integrated hardware and software.

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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+.

But one problem Apple investors will face is not knowing what the margin mix is within the services business. Apple has also been trying to diversify its revenues away from device sales by offering additional services to its customers.

Srivatsa warned that investors aren't likely to warm to this change after years of linking the company to the iPhone. The results were good, with Apple raking in record revenue - up 18 per cent quarter-on-quarter, and 20 per cent year-on-year.

Analysts had expected earnings per share of $2.78 on revenue of $61.5 billion.

It posted sales of $88.3bn in the quarter previous year.

Apple sold 9.7 million units of iPad, bringing in US$4.09 billion as revenue. That's a nice jump for a category that saw its lowest sales numbers since 2010 in the third quarter.

Apple CEO Tim Cook introduces the new iPad Pro during an Apple launch event in the Brooklyn borough of NY, U.S., October 30, 2018.

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