Apple iPhone revenue, once unflappable, is officially in retreat with 15% shortfall

Apple Q1 2019 Results – $84.3 Billion Revenue, The First Holiday Quarter Decline Since the iPhone's Introduction

No, the sky isn't falling, but Apple's bottom line was hit hard by poor performance across its entire product line in China. Earlier this month, Apple said that demand for iPhones was waning and that its earnings for the final quarter of 2018 would be below expectations - a rare downgrade from the company. "He has lost some credibility on Wall Street, so now he will have to do some handholding as the company enters this next chapter".

Apple said it expects revenue between $US55 billion and $US59 billion for the current quarter ending in March, largely below analysts' average estimate of $US58.83 billion, according to IBES data from Refinitiv. Analysts surveyed by FactSet had been anticipating revenue of about $59 billion. The Company posted quarterly revenue of $84.3 billion, a decline of 5 percent from the year-ago quarter, and quarterly earnings per diluted share of $4.18, up 7.5 percent.

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Apple Inc on Tuesday reported sharp growth in its services business and Chief Executive Tim Cook said trade tensions between the United States and China were easing, helping its shares up even after sales of its iPhone dipped in the holiday shopping quarter.

Investors reacted positively, elevating Apple's stock by more than 4 percent to $160.40 in extended trading after the report came out. Many had hoped that it would be the beginning of expanded efforts by Apple to assemble more of its products in the US instead of China, where it's historically relied on third-parties to manufacture computers, iPhones, and iPads.

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What's different now is that Apple is no longer disclosing how many iPhones it shipped after the quarter is completed, a change that Cook announced in November. However, most analysts remain anxious that the iPhone sales slump will continue into 2020. Apple keeps up to 30 percent of the payments it handles.

Apple did warn us about at the top of this year of the impending shortfall.

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Among them are higher prices - Apple's most expensive iPhone now costs $1,350 - for newer models that aren't that much better than the previous generation, giving consumers little incentive to stop using the device they already own until it wears out.

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