Apple chief Cook sees short-term impact from weak Re, import duties

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Apple sold 46.8 million iPhones, 9.6 million iPads, and 5.2 million Macs in the final quarter of 2018.

Apple has revealed record revenue and profits - but admitted it could miss its sales targets for the lucrative holiday season, causing it to briefly lose its historic $1 trillion market cap.

Apple offered no detailed breakdown of iPhone sales, but Cook said "the response has been powerful" to the new 10S models that sell for USD1,000 and up.

The world's most valuable publicly-traded firm posted a revenue of $62.9 billion, up 20 per cent from the previous year. Services revenue reached an all-time high of Dollars 10 billion. Unsurprisingly, the iPhone remains the top dog with more than 46 million units sold during the last quarter, bringing in $37 billion in revenue, more than half of the company's total. Instead, Apple will only make public revenue data. Now, the average sale price for an iPhone is $793, up drastically from $618 in the same quarter a year ago. The investor reaction is based largely on a weaker than expected holiday forecast, with analysts expecting guidance to project $93bn (£71.5bn), compared to Apple's prediction of $89 to 93bn.

Apple investors have been increasingly focused on growth in the company's services business as growth in the global market for smartphones levels off in terms of unit sales.

"The elimination of reporting unit metrics for iPhone, iPad, and Mac is significant - the Street obsesses over them", Gene Munster, an analyst with Loup Ventures, wrote in a note Friday.

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Total revenue, meanwhile, should be in the ballpark of 1.35 billion euros to 1.55 billion euros. This gave Apple Music, with over 50 million users , a strong hold on Apple Watch owners.

"We concluded a record year with our best September quarter ever, growing double-digits in every geographic segment", chief financial officer Luca Maestri said.

"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.

'We believe this represents a massive forward opportunity for Apple and, as such, welcome the news that the company is looking into streaming video services'.

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.

In an unprecedented move, Apple has chose to stop revealing the sales figure of iPhone from the first quarter of fiscal 2019. Apple can't hike prices forever: Will people pay $2,000 for an iPhone? 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.

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