Apple Loses $1 Trillion Market Value After Soft Earnings Report

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In third place on the revenue chart come the Mac computers, bringing in a decent $7.41 billion from 5.3 million units sold, while 9.7 million iPads chipped in with a "mere" $4 billion.

The Cupertino, California-based technology giant expects fiscal first-quarter 2019 revenue to be between $89 billion and $93 billion.

Analysts have long used iPhone unit sales and average sale price to gauge the overall health of Apple's business, given the smartphone's importance to the company's overall results. This is the summary of Apple's quarterly result for the fourth quarter.

"I was shocked, but it makes sense", said Gene Munster, a veteran Apple analyst at Loup Ventures. The nearly $10 billion revenue is another record figure for the category and is expected to increase more as Apple pours in more efforts in offerings such as digital content and payments. The company said it would stop disclosing data on the number iPhones, iPads and Macs it sells, eliminating a performance metric it has provided since the 1980s.

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Last Friday, Apple shares had fallen sharply, dragging the U.S. tech major's market value below $1 trillion after the company forecast softer-than-expected sales for the holiday quarter and fueled nerves over iPhone sales by saying it would no longer release the figures. Apple has raised the prices of its high-end iPhone models in recent years to offset slowing unit sales growth and sagging demand for smartphones.

Apple's disappointing earnings report has put the iPhone maker's $1 trillion market value at risk.

Apple, which topped the $1 trillion mark on August 2, had a market value of $1.073 trillion at the close of trading on Thursday, according to data compiled by Bloomberg.

"We concluded a record year with our best September quarter ever, growing double digits in every geographic segment".

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

Cook in an interview with Reuters said that Apple is "seeing some macroeconomic weakness in some of the emerging markets".

Cook added that the company is also continuing its push into education, coding and environmental initiatives. "It's going to take a few quarters for Apple to win investor confidence in this new way of analyzing the Apple story". Apple hasn't launched any notable new offerings lately in this category, which includes iCloud and Apple Music subscriptions, app downloads, and iTunes video purchases. "There are import duties in some or most of the product categories that we're in".

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