Apple market value slips below $1 trillion amid selloff

Apple won’t disclose how many devices it sold starting next year

Apple's Mac and iPad unit sales fell by 2% and 6%, respectively, during the quarter compared to a year ago. Cupertino also warned that sales during the upcoming holiday season may miss Wall Street expectations, adding that it would stop reporting how many devices it sells. Instead, it called the unit measurement increasingly irrelevant, noting that it's higher-priced phones are selling better (a good thing), making the overall flat unit volume a false data point. iPhone revenue, a figure Apple plans to continue reporting, rose 29% to $37 billion.

"Apple management are probably more concerned that a higher unit sale price might prompt accusations that the company is taken its customers for granted by continually ramping up prices", he said. Analysts were quick to cut their price targets for Apple, but Bank of America Merrill Lynch was optimistic, giving the stock a "buy" rating. The company forecasted fiscal-first-quarter sales of $89 billion to $93 billion versus the average analyst projection of $93.02 billion.

"This is not a good look for Apple", said Walter Piecyk, a telecoms analyst at BTIG Research.

However, Apple finance chief Luca Maestri claimed the number of units it sold was "less relevant today than it was in the past" because it now sold a wider range of products at different prices. However, weak guidance, or a disappointing outlook, impacted investor sentiment and in after hours trading Apple shares have fallen over 5 per cent (at the time of writing, and as low as 7 per cent a few hours earlier) bringing Apple's valuation back under the $1tn milestone. One must remember that the iPhone XS, released in September, won't show up in sales until next quarter.

Apple's revenue from services increased 17% YoY to US$9.98 billion.

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Apple on Friday reported a strong September quarter, registering $62.9 billion in revenue.

Apple's revenue from other products recorded the maximum growth, bringing in US$4.23 billion, up by 31% YoY. Region-wise, all five categorised markets turned in positive revenue, with Japan's 34 per cent rise leading the pack.

The tech giant yesterday warned shareholders that festive sales could fall below expectations, even as it recorded double-digit growth for the fifth consecutive quarter.

The company also argues the quarterly numbers and prices do not necessarily tell the whole story as it diversifies into other business areas.

Before Thursday, Apple shares had withstood a recent tech stock rout.

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