Why Apple shares are selling off

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Just last week, Apple began shipping iPhone XR, bringing the latest iPhone breakthroughs to even more users.

The revenue was up 20 per cent from the year-ago quarter while worldwide sales accounted for 61 per cent of the quarter's revenue, the Cupertino-based company said in a statement.

He warned that sales for the key Christmas holiday trading period could fall short of Wall Street's forecasts, a slowdown that indicated the recent wave of expensive handset launches had disappointed. Worldwide sales made up 61 per cent of the total number. Apple will no longer report unit sales of iPhones, Macs, and iPads in future quarter earnings releases.

Services continued its rise.

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CEO Tim Cook unveils updates to the Mac Mini, the iPad Pro and the Macbook.

Apple crossed the $US1 trillion mark in August - a first for a U.S. company - after reporting strong second-quarter results.

The Cupertino, California-based company blamed weakness in emerging markets and foreign exchange costs for a disappointing forecast for sales in the run-up to Christmas that are crucial to results for consumer electronics producers. It managed to recover, though: as at 6:50am in NY, it was at $1.073 trillion. Apple continues to make more money per unit sold, despite selling less.

As part of the change, the "Other Products" category is being renamed "Wearables, Home and Accessories". Apple made the disclosure in a conference call Thursday to discuss its fiscal fourth-quarter results.

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The company was criticized for its decision to no longer disclose iPhone related sales figures, implying that the company now believes that iPhone sales have peaked.

Apple skidded 6.6 per cent to close at $207.48. As the FT reports, CFO Luca Maestri "unexpectedly gave notice" that Apple would stop reporting unit sales for iPhones, iPads and Macs, starting from next quarter. "We generated $19.5 billion in operating cash flow and returned over $23 billion to shareholders in dividends and share repurchases in the September quarter, bringing total capital returned in fiscal 2018 to nearly $90 billion". Shares peaked at a valuation of $US1.121 trillion on October 3, but fell as much as 11% as the broader stock market came under pressure in October.

Cook however also revealed that the business in India was flat during the fourth quarter.

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

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For its full fiscal 2018 ended in September, Apple reported revenue of $265.6 billion and profits of $11.91 per share, beating analyst estimates of $264 billion and $11.79 per share. Services revenue hit a record $10bn in the quarter.