Apple is selling refurbished iPhone 8 and 8 Plus starting at $499

Apple shares sink as Xmas sales forecast disappoints investors

Its fourth quarter results, covering the three months to October, showed Apple sold fewer iPhones than analysts had expected - nearly 47 million - but revenues and profits all smashed forecasts. Global sales accounted for 61 per cent of the quarter's revenue. That's on the high-end of investor's expectations but flat compared to the 46 million Apple sold in the same quarter a year ago.

Strangely Cook said was unsure whether it can make enough new iPhones, Apple Watches, iPads and Mac models it released in recent weeks.

The flat sales of iPhones and yet the increased revenue shows that Apple is earning by increasing the price of the devices.

Keep in mind that these are units refurbished by Apple itself, which means you they're tested, certified, cleaned, given a new battery and outer shell, and come with a one-year warranty that you can extend with AppleCare+. Analysts were looking for 48.4 million iPhone units in the quarter, and an average selling price of US$729.

Apple announced on its earnings call today that it had surpassed its revenue estimates for Q4 2018.

The average selling price for iPhones beat expectations, rising 41% to $793.

In August, the tech giant became the first $1 trillion publicly traded USA business, a milestone reached after it boosted revenue on higher-priced models such as the iPhone X. Yet just three months later, the company spooked investors by announcing it wouldn't disclose the closely watched iPhone sales figure.

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From next quarter onwards, Apple will only report overall total revenue and cost of sales. Services revenue for the quarter surpassed $10 billion for the first time, growing 27 percent year-over-year.

"There's going to be a minimum tax on foreign earnings coming from the new tax legislation" passed in the United States, Apple Chief Financial Officer Luca Maestri told Reuters.

This will be the last quarter that Apple reveals how many iPhones, iPads, and Macs it shipped.

Neil Shah, research director at HongKong-based Counterpoint Research, said on Saturday its channel checks pointed to numbers for the quarter in the range of 700,000 to 800,000 units, down from about a million a year ago. Revenue was up 20 percent YoY to $62.9 billion, with earnings per share of $2.91, up 41 percent.

For Apple, it looks like the iPhone growth - in terms of number of phones - is slowing down.

Apple shares fell almost 7 percent Friday as Wall Street evaluated the company's announcement that beginning with its December business quarter, it would no longer give updates on the number of iPhones, iPads and Macs it sells each quarter.