Apple delivers strong profits, but investors punish shares

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Apple has an iPhone problem. Analysts had called for $729.

The average selling price for iPhones in the freshly updated product line was $793, indicating that Apple was able to deliver more of its priciest handsets.

In an unprecedented move, Apple has made a decision to stop revealing the sales figure of iPhone from the first quarter of fiscal 2019. While Apple missed out on talking about India last quarter, CEO Tim Cook had a lot to say about the company's India plans. Sales of the iPad were down 6% year-on-year while sales of Macs were down by 2%.

An overview of the performance of Apple in terms of revenue brought in geographically, and overall, is provided above. That's in large part because the company is hiking prices across the board. This represented an increase of 21.1 percent from Q4 2017. Based on 34 analysts polled in the last 3 months, 22 rate a Buy on Apple stock, 11 issue a Hold, while only 1 recommends a Sell. A new MacBook Air and Mac mini were also launched here in NY on Tuesday.

Apple has also been trying to diversify its revenues away from device sales.

"It doesn't matter how many units there are in there when it comes to the full value of the shopping cart", Cook said, adding that "customer loyalty" was a more important metric. Instead, Apple will provide revenue totals for its product categories, which makes it more hard to understand how well a given gadget is selling.

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Investors balked at the reporting change, and at revenue projections that fell short of Wall Street estimates.

Mike Levin, co-founder of Consumer Intelligence Research Partners LLC, a market-research firm that surveys Apple customers, said the change shows Apple executives are thinking about their business in ways they haven't wanted to say aloud. While that represents a 14 percent increase in iPhone sales when compared to last quarter, it's about the same number of iPhones sold this time previous year. And despite years of rumors about an Apple Car, there is still nothing on the horizon.

What spooked some investors may have been the guidance Apple gave for its holiday quarter sales. Its services arm, for example, which includes iCloud and Apple Music subscriptions, had a turnover of close to $10bn in the period.

The Apple Services division hit $10 billion in the quarter, a record for the company. The sole outlier, and, granted, it has gotten bigger and bigger in recent quarters, is Apple's Services business. But, he admits it could take a year for investors to embrace it.

But from now on, Apple will keep those numbers to itself.

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