Apple posts another record quarter, readies for crucial holiday period

Apple unveiled the new iPhone 8 iPhone 8S and iPhone X at its launch event in California last year

Apple sold 9.7 million iPads during the quarter, gaining share in almost every market it tracked.

Apple revealed had it sold 46.9 million iPhones during the previous quarter.

On Thursday after Wall Street closed Apple chief executive Tim Cook had delivered a double dose of bad news at its quarterly sales update. Apple's services, which includes iTunes, Apple Music, iCloud, Apple Pay and Apple Care, has been growing for years and could become the company's main revenue generator as iPhone sales plateau.

"If you look at our revenue, given the last three years, if you look at our net income during the last three years, if you look at our stock price here in the last three years, there's no correlation to the units sold in any given period", Maestri noted.

Services revenue reached an all-time high of $10 billion.

What spooked investors was Apple's announcement that it would no longer release sales data for the iPhone, iPad and Macs after this year.

These higher average sales numbers were a key contributor to Apple's earnings: The company generated $62.9 billion in revenue during the quarter ending September 30, compared to $52.6 billion during the same quarter a year ago.

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Technology analyst Daniel Ives of Wedbush Securities said that although he understands the logic of the decision ー considering average selling prices are all over the board ー it damages Apple's reputation of transparency.

Apple's performance for the July through September period evidently wasn't enough to ease investors' concerns.

"We were especially pleased with Mac momentum in emerging markets with strong growth in Latin America, India, West Asia and Africa, and Central and Eastern Europe", Apple's chief financial officer Luca Maestri said. The company says it wants to simplify the reporting process, but the reality is that unit numbers are flat while revenue is increasing, so it wants people to focus only on the latter. Investors, and price-conscious consumers alike, will both wonder how much more Apple can charge for future iPhones and iPads to keep sales growth humming along. Revenues were $62.9 billion in the quarter, also ahead of the Street's estimates. iPhone unit sales is where the company's results faltered in the eyes of the investment community.

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.

'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'. On Friday, the elimination of unit-sales data contributed to shares falling 6.6% as the company shed $71.19 billion in market value in a single day.

The refurb iPhone 8 with 64GB of storage can be yours for $499, which is $100 less than its regular price.

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