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The decision to stop reporting unit sales of the iPhone, in particular, was viewed by many Apple analysts as evidence that the company knows that while sales of iPhones are flattening, and may decline, Apple believes it can make up for such a scenario with higher average selling prices.

"We set September quarter revenue records for iPhone and wearables and all-time quarterly records for Services and Mac", Maestri said.

Apple's sales in its latest quarter and its estimates for the holiday season surprised experts.

Shares in the company based in Cupertino, California, fell more than 7 percent to $206.31 in extended trading after the numbers came out. The tech giant also shook investors by saying it will no longer disclose the number of iPhones it sells each quarter.

Apple shares dived over five per cent as U.S. markets opened today, causing the Californian company to fall below its $1 trillion valuation as investors reacted to its prediction of a Christmas slump.

Apple sold 9.7 million units of iPad, bringing in US$4.09 billion as revenue.

Apple executives said unit sales are becoming less relevant as customers buy bundled products that include subscription services like Apple Music. This might be the reason behind Apple's decision of not sharing unit sales report.

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"I was shocked, but it makes sense", said Gene Munster, a veteran Apple analyst at Loup Ventures.

But now, Apple will give cost-of-sales data for both its total product businesses and its total services business, which will let investors evaluate a gross margin for both. With so many users within the Apple ecosystem, the company now has the opportunity to monetize more services, improve existing services, and add new ones like Apple's Search Ad business on the App Store.

For that reason, he expects Apple's stock to fall slightly out of favor, at least until the new reporting structure is fully digested. For most people it is the number of units shifted by a company that are indicative of success or failure of a particular product. Analysts and investors use the figures to calculate the average selling price of Apple's devices and gauge the health of the company.

The company said it had shipped 46.889 million iPhones in the quarter, up 29% on the equivalent period past year.

But iPhone revenue was up 29% on the same period thanks to the introduction of higher priced handsets such as the iPhone X and this year's iPhone XS and XS Max. At market close on Thursday, Apple shares had been up more than 25 percent for the year - supported by purchases by Warren Buffett and a $100 billion share buy-back program - while the Nasdaq Composite Index is almost flat for the year. During the September quarter of 2017, Apple posted revenue of $52.6 billion. Apple also said it would no longer reveal unit sales for its hardware. Any print below $207.45 during Friday's session would cost Apple its $1 trillion valuation.

For its full fiscal 2018 ended in September, Apple reported revenue of $265.6 billion and profits of $11.91 per share, beating analyst estimates of $264 billion and $11.79 per share.


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