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Apple announced its fourth quarter earnings for fiscal 2018, where it delivered record results from iPhone, services and wearables division.

However, the market was disappointed that Apple fell short of expectations, with sales of 46.9 million iPhones and a forecast for the key holiday season that was not as robust as anticipated. Analysts were looking for 48.4 million iPhone units in the quarter, and an average selling price of $729.

Sure enough, in the three month period ending in September, Apple sold just shy of 47 million iPhones, representing 0% growth in the number of smartphones sold from the prior year.

It isn't the first time when iPhone has failed to receive the response from the market as expected by Apple and many analysts.

Analyst Walter Piecyk from BTIG Research said that it was typical for companies whose figures are about to go tits up to stop reporting metrics.

However, Apple finance chief Luca Maestri claimed the number of units it sold was "less relevant today than it was in the past" because it now sold a wider range of products at different prices.

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Apple has provided investors with this information for the past 20 years, with the upward trajectory of iPhone sales in particular over the past decade helping drive its market value up.

Emerging markets and foreign exchange costs were the issues that the company blamed for their poor Q4 report. One must remember that the iPhone XS, released in September, won't show up in sales until next quarter. He said Apple is trying to make up for slowing unit sales growth by charging more for its lineup of devices. Shares fell more than 6 percent - a decline that, if it holds, could threaten Apple's status as the only US company with a valuation of more than $1 trillion. Global sales accounted for 61 percent of the total revenue, while services revenue touched an all-time high of $10 billion.

The Other Products category saw revenue jump 31 percent to $4.2 billion in revenue, likely on demand for Apple's Watch.

The company was criticized for its decision to no longer disclose iPhone related sales figures, implying that the company now believes that iPhone sales have peaked.

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

"Apple will have trouble maintaining its recent valuation bump if the market clearly sees declines in shipments", said analyst Richard Windsor on his Radio Free Mobile blog.


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