Apple sees revenue and profits rise but iPhone sales stall

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

That said, Apple during the quarter gone by sold 46.9 million iPhones.

Apple briefly lost its $1tn valuation on Thursday when its shares fell 7% in after-hours trading despite posting record results. The stock closed at $222.22 in NY, leaving it up 31 percent this year. Warren Buffett bumped his stake in Apple shares 5 percent at the end of June, leaving him in a vulnerable position. Apple ended the quarter with $237.1 billion in cash plus marketable securities. The company projected between $89 billion and $93 billion, while a Bloomberg survey of analysts found an average expectation of $92.7 billion.

Apple's finance chief Luca Maestri sought to justify the change, claiming that unit sales are "less relevant today" because the company ships a vast range of iPhone and iPad models at several different prices and often bundles them with other products, reported the Financial Times. That sparked concern Apple wants to avoid disclosing weak growth numbers.

Cook however also revealed that the business in India was flat during the fourth quarter.

"For the new Pilot program, Apple will only be offering repairs for vintage devices based on part availability", 9to5Mac notes.

In the fiscal fourth quarter, iPhone unit sales barely grew from a year earlier, even though new flagship iPhones came out in the period.

Apple has started selling refurbished versions of the iPhone 8 and iPhone 8 Plus from past year. But thanks to the more expensive, newer versions, the average selling price rose to $793, well above analyst estimates of $750.78. In September, the company introduced three new iPhones ー two of them priced at or above the original iPhone X, which dropped jaws with its $1,000 price tag when it debuted previous year. It's a bet that consumers will continue to pay up for access to the company's specialized and tightly integrated hardware and software.

Both, the declining/stagnating sales and increasing ASP of iPhone, has been attracting enough criticism for Apple, especially at the time when the growth of the global smartphone market is largely driven by developing markets, likes of India.

Apple's revenue from other products recorded the maximum growth, bringing in US$4.23 billion, up by 31% YoY. "It becomes a services business". Apple has also been trying to diversify its revenues away from device sales by offering additional services to its customers. Analysts expected $10.18 billion.

A bright spot for Apple was the company's services business, which includes revenue from the App Store, Apple Music as well as iCloud subscriptions. In terms of revenue, Apple broke its own record with $62.9 billion, 20% up from a year ago.

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