Apple underwhelms Wall Street with annual iPhone, iPad sales
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Editor
| 02 November 2018

CE giant Apple’s trillion-dollar stock rating is no more as its share value has slipped noticeably on the back of rather disappointing core product sales in the fourth quarter of its financial year.

For the three-month period ended 30 September 2018, Apple reported total revenues of $62.9 billion, climbing 19.6% year-on-year, leading to net income for the quarter of $14.125 billion, itself up an impressive 31% on an annual basis. For the financial year, Apple generated $265.595 billion in sales, up 15.9% compared with the end of the previous financial year, driving net income to soar 23.12% annually to $59.531 billion.

Yet despite the impressive rises for the financial year and the quarter, what worried Wall Street was the fact that sales of core products, in particular the iPhone and iPad, have been flat on a comparative yearly basis and that the gains in revenues have been achieved mainly from increased sales prices of such products.

In the fourth quarter, Apple shipped 46.889 million iPhones, inching up only 0.45% on an annual basis. iPad shipments actually fell 6% on an annual basis to 9.699 million. Services revenue grew strongly in the year by 17% to total $9.981 billion.