During the announcement of September quarter revenue, Cook was asked about the flat growth of iPhone sales in India and to that, Apple said it was facing a hard challenge over the Rupee depreciation but was optimistic that these are little speed bumps along a "very long journey" in India.
From next quarter onwards, Apple will only report overall total revenue and cost of sales. Given how quickly Apple rolls out new products, and the tech giant's focus on convincing users to buy new devices instead of hold on to their old ones, it was an unexpected (but welcome) move.
When asked about how Apple plans to continue growing its services business, CFO Luca Maestri highlighted the "exponential trajectory" of all of Apple's services from Apple Music to the Apple Store to Apple Pay. Apple is now assembling iPhone 6S in India with its partner Wistron.
Also impacting Apple is the fact that global shipments fell 8 percent in the third quarter, compared with a year earlier, leaving the industry "effectively in a recession", Strategy Analytics wrote in a research note after the disappointing Apple results.
Campling said that sounded like Apple will give commentary when it has good news, but not when things are bad.
"The Street will find this a tough pill to swallow this morning as the transparency of the Cupertino story takes a major dent given that tracking iPhone units has become habitual to any investor that has closely followed the Apple story for the last decade+ and is critical to the thesis".
"In fiscal year 2018, our revenue grew by $36.4 billion". That said, Apple during the quarter gone by sold 46.9 million iPhones.
Both analysts and investors used it to calculate the average selling price of Apple's devices and gauge the company's financial health. Apple CEO Tim Cook Justifies High Prices of iPhone XS Max, iPhone XS & iPhone XR. 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.
In addition, Maestri said "foreign exchange headwinds" could have a roughly $2 billion negative impact on Apple's sales for the upcoming quarter.
For the quarter ended in September, Apple brought in $62.9 billion in revenue and $2.91 per share in profits, beating expectations of $61.5 billion and $2.79, respectively.
Apple shares were down 6.4 pct at $208.05 before the bell.
He added that Apple generated $19.5 billion in operating cash flow, and more than $23 billion was returned to shareholders in dividends and share repurchases in the September quarter, bringing the 2018 total to nearly $90 billion.