Apple to stop reporting iPhone unit sales, stock drops despite record revenue


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By Jason Abbruzzese and Reuters

Apple shares dropped more than 6 percent in after-hours trading on Thursday after projecting holiday-season sales that were weaker than analysts expected and issuing a surprise announcement — that the company would no longer break out how many iPhones it sold each quarter.

Meanwhile, the company reported fiscal fourth-quarter sales of $62.9 billion, a new record for the company.

“We’re thrilled to report another record-breaking quarter that caps a tremendous fiscal 2018, the year in which we shipped our 2 billionth iOS device, celebrated the 10th anniversary of the App Store and achieved the strongest revenue and earnings in Apple’s history,” Tim Cook, Apple’s chief executive officer, said in a press release accompanying the earnings report.

The company surprised analysts and journalists by announcing that it would not detail unit sales of particular products such as iPhones in future reports.

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