Apple hints at lackluster holiday as iPhone sales disappoint

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Image result for iphone
Apple may be grappling with a case of iPhone fatigue -- but it's still getting people to shell out more money for the phones they do buy. 
The Cupertino, California, company on Thursday said it didn't sell as many iPhones as analysts expected, and it projected lackluster revenue results for the December quarter. Apple also said it would no longer detail unit sales of its major devices, a reversal from its strategy since first introducing the products.
Apple shares dropped about 4 percent on the results and then declined further -- more than 7 percent -- during the company's earnings call after Apple said it would change its reporting structure. The stock recently tumbled 6.7 percent to $207.30 in after-hours trading. 
Apple on Thursday said it sold 46.9 million iPhones in the fiscal fourth quarter that ended Sept. 29, about flat with the 46.7 million sold last year. Analysts expected Apple to sell 47.6 million iPhones, according to Bernstein analyst Toni Sacconaghi. 
While units were about flat, revenue from iPhones jumped 29 percent to $37.2 billion as people seek out Apple's pricier devices like its new $999 iPhone XS and $1,099 XS Max. The average selling price (ASP) for the iPhone soared to $793 from $618 a year ago. Analysts overall expected Apple's fourth-quarter ASP to total $741, according to Bernstein's Sacconaghi. 

RIP iPhone unit sales data

In a surprising move, Apple said it would no longer detail unit sales for its iPhones, iPads and Macs, starting with the December quarter. It likely reflects the fact that Apple's unit sales have been flat and even falling in some periods while its revenue has been rising due to higher device pricing.
"As demonstrated by our financial performance in recent years, the number of units sold in any 90-day period is not necessarily representative of the underlying strength of our business," Financial Chief Luca Maestri said Thursday during a call with analysts. "Furthermore, our unit of sale is less relevant for us today than it was in the past, given the breadth of our portfolio and the wider sales price dispersion within any given product line."
The last question of Apple's earnings call addressed the company's plans to no longer detail unit sales. Citigroup analyst Jim Suva noted that "some people may fear that this now means that the iPhone units are going to start going negative year-over-year because it's easy to talk about great things and not show the details of things that aren't so great."
Maestri reiterated his earlier reasoning for no longer breaking out unit sales, while Apple CEO Tim Cook said that Apple's installed base is growing by the double digits on a percentage basis. 
"This is a little bit like if you go to the market and you push your cart up to the cashier and she says, or he says, 'How many units do you have in there?'" Cook said. "It doesn't matter a lot how many units there are in there in terms of the overall value of what's in the cart."

Higher prices are here to stay

Apple iPhone unit sales may not be growing, but its strategy to boost prices is working. The iPhone ASP has been above $700 since Apple launched the iPhone X. The even pricier XS Max, the first iteration of such a device, has proven popular with Apple fans and likely helped boost Apple's ASP to an all-time high

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