Riding on robust growth in Services, App Store purchases and device sales, Apple reported United States dollars 62.9 billion in revenue in its fiscal fourth quarter for 2018, ending with USD 237.1 billion in cash on hand.
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. It no longer needs explosive unit sales growth in order to grow financially.
At that event, the Apple boss was bullish on the future of the iPad, but the latest figures show tablet sales for the firm were down 6% on this time previous year, with revenue down 15%.
And while Cook did give a warning for that Apple may miss revenue expectations next quarter, the critical holiday period, market-watchers are keen to find out how the iPhone XR will help drive company sales.
"Sales are set to drop for the first time in four years", Shah said.
Recently, the sales of iPhones, iPads and Macs have gone down.
"I was shocked, but it makes sense", said Gene Munster, a veteran Apple analyst at Loup Ventures.
Signaling that its the era of unit sales growth has come to an end, Apple this week said that it would be much less transparent about device sales.
Analysts had expected earnings per share of $2.78 on revenue of $61.5 billion.
He later told investors during a conference call that the weak markets includes Brazil, India, Russia and Turkey.
The Cupertino, California-based company on Thursday said that it will stop reporting unit sales data for its iPhone, iPad and Mac computer products, the latter of which it has given out since 1998.
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. In the most recent quarter, Apple said sales for this category hit almost $10 billion, an all-time high and larger than most standalone businesses in the world. Consequently, The company's share value has been on the constant decline since Apple's fiscal Q4 2018 result is announced. This represented an increase of 21.1 percent from Q4 2017. If Apple follows that trend in the current quarter, the average iPhone price should rise above $800 for the first time in a show of people's love affair with the device.