Apple lost its $US1 trillion valuation during Wall Street trade on Friday, as shares fell more than 7%, to a low of $US206.66, following its disappointing fourth-quarter results. Now Apple is making a change to ensure it doesn't have to talk as much about that problem. The company's net income for the quarter was $14.13 billion compared to $10.71 billion a year ago.
At that event, the Apple boss was bullish on the future of the iPad, but the latest figures show tablet sales for the firm were down 6% on this time a year ago, with revenue down 15%.
Services has become a more important metric for investors too as Apple seeks to become the first listed company to post quarterly revenues of $100bn.
Elazar Advisors analyst Chaim Siegel said that China trade issues could be making it hard for Apple to get the supplies it needs.
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When Steve Jobs took a swipe at Amazon.com Inc.'s Kindle in 2009, he pointed to the online retailer's decision not to report unit sales of its reading device as evidence it wasn't selling many. But Apple sold 46.89 million iPhones during the September quarter, and analysts were looking for sales of 47.5 million phones, according to FactSet. The stock ultimately closed the day down about 6.8 percent, putting it in a so-called "correction", more than 10 percent off its all-time highs. A new MacBook Air and Mac mini were also launched here in NY on Tuesday.
Apple sold 9.7 million iPads during the quarter, gaining share in almost every market it tracked. "It doesn't matter a lot how many units there are in there in terms of the overall value of what's in the cart".
Chief Executive Tim Cook said after publishing third quarter results that sales were flat in India in the fourth quarter, which includes a month-long festive season culminating this week in Diwali - a bumper period for electronics sales. "But some people may fear that this now means that the iPhone units are going to start going negative year-over-year because it's easy to talk about great things and not show the details of things that aren't so great".
Chief financial officer Luca Maestri said it was the California-based company's best September quarter on record, with revenue growing double digits everywhere it does business around the world.
In August, the tech giant became the first $1 trillion publicly traded USA business, a milestone reached after it boosted revenue on higher-priced models such as the iPhone X. Yet just three months later, the company spooked investors by announcing it wouldn't disclose the closely watched iPhone sales figure.