Apple announced on its earnings call today that it had surpassed its revenue estimates for Q4 2018. The sales of iPhone in Q4 2018 failed to meet the analysts' expectations but generated enough of revenue to refrain critics from being so vocal. And that should include transparent reporting of sales data that can be used to make the right investment decisions. However, this has generally been a problem even for other smartphone companies this year. Thanks to the higher average selling price of $793, 28% more than past year, the Cupertino-based company was able to register the best September quarter revenue to date.
Apple sold 9.7 million units of iPad, bringing in US$4.09 billion as revenue.
Apple's unit sales stayed roughly flat for the quarter, shipping 46.9m iPhones in the past three months, but revenues were up 29 per cent, with the company's strategy of increasing prices for its most high-end devices paying off. The iPhone maker boasted $62.9 billion in revenue, slightly more than the $60-62 billion it previously estimated, as well as $14.1 billion in profit, up from $11.5 billion in the previous quarter. There are benefits to buying a refurbished unit straight from Apple, including a one-year warranty, Apple testing and certification, a new battery, new outer shell, and packaging in a new white box. Shares in Facebook Inc (FB.O), Amazon.com Inc (AMZN.O), Netflix Inc (NFLX.O) and Google-owner Alphabet Inc (GOOGL.O) all rose on a generally buoyant Wall Street.
The mixed bag emerged in the quarterly results that Apple released Thursday amid jitters about how the company and the rest of the technology industry will fare in the face of myriad threats to growth.
It isn't the first time when iPhone has failed to receive the response from the market as expected by Apple and many analysts. Apple is now assembling iPhone 6S in India with its partner Wistron.
"As we accomplish these objectives, strong financial results follow", he continued.
For any company like Apple, this is a severe challenge to address. It fluctuates frequently, so act fast if this offer interests you. Like the previous quarter, Apple this time too had just 1% market share. Warren Buffett bumped his stake in Apple shares 5 percent at the end of June, leaving him in a vulnerable position. Maestri also called out Apple's "very large and growing" install base, which is now at an all-time high. Looking back, there have been some quarters in recent memory where the iPhone by itself was responsible for upwards of 70% of Apple's quarterly revenue.
Apple wants to use the device to promote device upgrades among the already existing iPhone users.
Daniel Ives, an analyst with Wedbush, called the announcement a "jaw dropper" in an investor note Friday morning, particularly because Apple is at a "critical juncture".