Apple shares tumble amid fears of 'sustained iPhone downturn'

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

Image Apple's iPhone sales figures are largely based on the iPhone 8 iPhone 8S and iPhone X because the Xs range only went on sale a month ago

Apple's stock nearly 7 percent to $207.67 in extended trading after all the news came out. We recommend prospective investors wait for a more attractive margin of safety for this narrow-moat behemoth.

Fiscal fourth-quarter sales rose 20 percent to $62.9 billion, Apple said. Clearly, starting prices of $999 Dollars for an iPhone X helped bump up this metric, while the even higher priced iPhone XS and iPhone XS Max will continue to push up ASP.

'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'.

However, the iPhone has been the key driver of revenue and profit for Apple, and also helps bring more consumers into the company's ecosystem for apps and services. Maestri cited $2 billion in foreign exchange headwinds hindering the firm's outlook. Cook was responding to a question on whether Apple is at a disadvantage in India, as compared to other markets, in terms of ability to own stores and manufacture its products.

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"I think they've always been fairly conservative with the guidance they've given out", said Trip Miller, managing partner at Apple shareholder Gullane Capital Partners. And, yet, iPhone sales weren't as strong as expected, with the company selling about same number of iPhones as this time previous year.

It's not the same Apple it was ten years ago, and today's changes are a strong indication of where the company feels investors should pay attention when trying to assess its overall value.

Thanks to last year's release of the first iPhone to cost $1,000, the average price has increased by at least 11 percent in each of the past four quarters.

Many of Apple's fastest-growing businesses are subscription based, like its $9.99 a month Apple Music service. Sales of the iPad were down 6% year-on-year while sales of Macs were down by 2%.

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Apple's iPad sales and revenue were down both year-over-year and sequentially.

Maestri also described how the company was supporting enterprise IT through Apple Business Manager, which he said provides a new way for IT teams to deploy Apple devices at scale.

The change is in line with how Apple already treats other hardware sales - such as those of the Apple Watch and HomePod - which it groups together rather than revealing sales in individual categories. As we talked about a few days ago, the Services segment of Apple's business has seen a tremendous growth over the last year and has reached $10 billion in revenue, more than a 25% increase year-on-year.

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