Apple starts selling refurbished iPhone 8 and iPhone 8 Plus units

Apple starts selling refurbished iPhone 8 and iPhone 8 Plus units

Apple starts selling refurbished iPhone 8 and iPhone 8 Plus units

Despite managing to exceed expectations for its Q4 quarterly earnings, Apple still took a beating on the stock market, with shares dropping seven per cent in after-hours trading.

Apple has an iPhone problem.

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 past year, with revenue down 15%.

The company Apple released its latest iPhones, models selling from $1,000 to $1,500, at the tail end of the quarter, and those appeared to get off to a strong start.

Cook said Apple's business in India in the fourth quarter was flat. The X continues to sell well enough that Apple moved roughly the same number of iPhones and made almost 30 percent more.

Cook blamed Apple's weaker Christmas forecast on foreign exchange rates, lessening demand in emerging markets and a fear that Apple would not be able to produce enough of its new products to sufficiently meet demand.

The world's most valuable company was a lot less valuable Friday, as a disappointing earnings report from Apple sent its shares tumbling and its total market value below $1 trillion.

The company forecast revenue between $89 billion and $93 billion for the current holiday quarter, which also was less than Wall Street had hoped for, further raising doubts about the company's iPhone sales. A new MacBook Air and Mac mini were also launched here in NY on Tuesday. The company sold fewer iPhones than analysts expected, but revenue was up thanks to their higher selling price. Customer satisfaction for the Apple Watch, he said, was also high, adding that the wearable is among the ways the company can make breakthroughs into the health industry.

Investors balked at the reporting change, and at revenue projections that fell short of Wall Street estimates.

Tim Cook says that giving details of unit sales is not helpful information as it does not give a clear view of how the company is actually performing.

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. Excluding a one-time favorable adjustment of $640 million recognized in the fourth quarter of fiscal 2017, Services revenue grew from $7.9 billion in the fourth quarter of fiscal 2017 to $10 billion in the fourth quarter of fiscal 2018, an increase of 27 percent.

At some point Apple will need to figure out what will replace the iPhone, or its growth engine could stall out.

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