Apple falls below $1tn despite revenue and profit rise

The Citibank 10 percent cashback is valid on iPhone models bought via offline stores

Apple sold 46.9m iPhones in the quarter, generating sales of $37.2bn, but eyebrows have been raised by escalating price tags which are stretching the wallets of even the most devoted Apple fans.

Apple Inc has warned that sales in the holiday quarter, likely will not meet the expectations of wall street, CEO Tim cook explained the weakness in emerging markets and foreign exchange costs. Apple fetched an average of $793 per iPhone in the quarter, up 28 percent from the same time a year ago. However, after failing to find a satisfying number of new customers for iPhone, Apple has turned to a strategy which will allow people to see only the rosy part of Apple's performance and will have a comparatively lesser impact on its share value. The nearly $10 billion revenue is another record figure for the category and is expected to increase more as Apple pours in more efforts in offerings such as digital content and payments.

What really seems to have ticked off the cranky collection of investments analysts, though, was Apple's decision to cease reporting unit sales of iPhones and the other gadgets its sells.

The company said iPhone revenue had grown by 29%, thanks to an increase in the average selling price of iPhones from $618 a year ago to $793.

Despite the declining sales of all the major products, Apple has once again managed to beat the Wall Street expectations in terms of revenue. The device is Apple's newest entry-level smartphone, and is pegged to do well: like the new iPad Pros, it retains some of the iPhone X's key features, with a significantly larger 6.1-inch screen and at a more reasonable price.

Services revenue hit a record $10bn in the quarter.

"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.

Analysts had expected earnings per share of $2.78 on revenue of $61.5 billion.

The sell-off accelerated after Apple said it would stop disclosing the number of units sold.

Recently, the sales of iPhones, iPads and Macs have gone down. In third place on the revenue chart come the Mac computers, bringing in a decent $7.41 billion from 5.3 million units sold, while 9.7 million iPads chipped in with a "mere" $4 billion. The transparency by Apple was liked by many people including analysts.

Other analysts said the outlook remains positive for Apple as it diversifies its revenue base with more services such as streaming music and Apple Pay, and moves toward the launch of a video service that could compete with Netflix.

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