Apple iPhone sales in 'disappointing' fall

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The WSJ said that Apple's hard month began when it cut its sales guidance for the first time in more than 15 years, projecting revenue would come in at least $5 billion lower than expected.

FILE PHOTO: Apple CEO Tim Cook speaks at the Anti-Defamation League's "Never is Now" summit in New York City, New York, U.S., December 3, 2018.

The company's investors have been closely tracking the company's share repurchase activity in hopes that it will help buoy the share price, which has fallen more than 30 percent since November, knocking Apple off its throne as the world's largest technology company with a market value of more than $1 trillion.

Services revenue. Apple reported $10.9 billion. While its revenue of US$84.3-billion represented a year-over-year decline of 4.5 per cent, it was slightly above the company's revised forecast from January 2. The grim news comes just weeks after it surprisingly slashed its revenue forecast for the December quarter. As a point of reference, Apple during the same quarter a year ago posted revenue of $88.3 billion and EPS of $3.89. Apple gets about a fifth of its sales from Greater China.

"When you look at foreign currencies and then particularly those markets that weakened over the past year those (iPhone price) increases were obviously more", Cook told Reuters. The stock gained almost 6 percent to $163.50 in extended trading after the report came out. Analysts estimated revenues from the machines would be $7.42 billion, but they were $7.416 billion instead. However, total revenue from all other products and services grew 19 percent.

In response, Apple is considering adjusting its smartphone prices in other markets, per Reuters (via The Verge): in today's earnings call, Cook described a 33% depreciation in the lira, Turkey's currency, which resulted in a $700 million drop in revenue from the country compared to this point a year ago. Analysts are expecting revenue of $58.99 billion.

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Well, we don't attach our guidance to what the street is looking for, we attach it to what we can do. Considering the currency situation, etc.it's a strong guidance. The effect will be more this quarter on currency than it was in the last quarter, Cook added.

Cook rattled Wall Street in early January by disclosing the company had missed its own revenue projections for the first time in 15 years. I'm encouraged by the comments coming out of both countries. But the company did share a few new metrics on its active install base, reporting more than 1.4 billion active devices, including more than 900 million iPhones.

Apple has kept very quiet about its AirPower wireless charging mats, a concept the company introduced alongside the iPhone X and hasn't set a release window for after missing its pledge to release in 2018.

Despite the revenue and profit slips, Apple's stock rose in after-market trading.

"We wouldn't change our position with anyone's", Cook reassured analysts during a conference call reviewing the past quarter and the upcoming months.

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