Apple market value tests $1 trillion level amid selloff


And, yet, iPhone sales weren't as strong as expected, with the company selling about same number of iPhones as this time a year ago. At the same time, October sales of the device could definitely have influenced Apple's forecast for the holiday quarter.Apple is seeing slowing growth in its iPhone business, but it's making up for that by selling more expensive phones at higher margins, which seems to be working fine. In aftermarket trading, Apple was down by almost 7 percent at one point, briefly taking the company's valuation below $1 trillion.

Luca Maestri, the CFO of Apple said, "number of units sold in a quarter is not representative of underlying state of business".

As of the close of trading Friday, Apple (AAPL) had a $1.002 million market cap, with the stock ending the day down 6.6% to $207.48 per share.

Apple says instead it'll focus on the revenue generated. But with more than 2 billion iOS devices in the marketplace already, services like Apple Music and iCloud have a ready-built audience they can tap into.

Cook expressed hope Apple's retail foray into India will take place sooner than later, saying it "had really great productive discussions with the Indian government" on the matter.

"Time for investors to adjust to the new disclosures", analysts from the brokerage said. Global shipments fell 8 per cent in the third quarter, compared with a year earlier, leaving the industry "effectively in a recession", Strategy Analytics wrote in a research note after disappointing Apple results on Thursday.

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Apple's introduction of a $1,899 iPad Pro (and which, let's be honest here, Apple won't be selling many of) is a way of normalizing a high-end shift towards the $2,000 barrier.

"While it's frustrating how Apple, with no warning, made a decision to pull the plug on unit metrics, our core bull thesis does not change on the story and to some extent is emboldened by the (approximately) $800 (average selling price) story and a robust services business poised to hit $50 billion-plus in (Apple's) 2020 fiscal year", Ives said.

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.

While values have staged a recovery of sorts in recent days, Apple's share price remains largely unaffected and is 31% up on the year so far.

Apple's revenue in Q4 2018 increased by 20% to US$62.9 billion. The company reported that it sold 46.89 million iPhones during the quarter, just 0.5 percent higher than the 46.68 million iPhones during the comparable period a year ago. Maestri also called out Apple's "very large and growing" install base, which is now at an all-time high. During the September quarter of 2017, Apple posted revenue of $52.6 billion. In September, the company introduced three new iPhones ー two of them priced at or above the original iPhone X, which dropped jaws with its $1,000 price tag when it debuted past year.