BUSINESS – Apple has always seemed to defy gravity in sales, continually soaring ever higher with each model release. Now, however, the show is coming to an end.
Apple has just said that it plans to stop reporting how many products it sells each quarters, but will continue to report revenue for these categories. This could be a move to flat-line growth in some of its product lines.
The move was just one of the concerning announcements Apple made. The company also said it expects sales in the all-important holiday quarter to be between $89 billion and $93 billion, skewing short of analyst estimates. At the low end of that range, Apple’s holiday sales would be little improved from the record $88.3 billion it reported a year ago.
Apple sold 46.9 million iPhones during the quarter, coming in slightly below analyst estimates and virtually unchanged from a year ago.
This is the new story for Apple. These days, it’s less about how many more iPhones the company can sell from one year to the next than how much additional revenue it can squeeze out of its flagship product through price hikes and the growth of supplementary services like Apple Pay, iCloud and Apple Music subscriptions.
However, the results come at a time when tech stocks, and the market overhaul, have faced significant turbulence. In the past week, Facebook, Amazon and Google released earnings results with lighter sales numbers than Wall Street expected.