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

0
21


Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

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.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here