Cook also said foreign exchange rates would have a $2 billion negative impact on Apple's sales forecast.
Apple sold 46.9 million iPhones in the fiscal fourth quarter, missing analyst expectations of 47.5 million iPhones, according to FactSet. But on Friday the shares were down 7%, falling below $206.50 at lunchtime in NY. Region-wise, all five categorised markets turned in positive revenue, with Japan's 34 per cent rise leading the pack.
Apple's market capitalization fell below $ 1 trillion because of disappointing sales forecast in the 4th quarter.
Evidence of that could be seen in Apple's fourth-quarter results.
The mixed bag emerged in the quarterly results that Apple released Thursday amid jitters about how the company and the rest of the technology industry will fare in the face of myriad threats to growth.
However, Apple finance chief Luca Maestri claimed the number of units it sold was "less relevant today than it was in the past" because it now sold a wider range of products at different prices.
"If you go to the market and you push your cart up to the cashier and she says, or he says, 'How many units you have in there?' 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". After all, the company has often managed to generate high revenues even with a small number of device sales.
BlizzCon 2018 announcements - Watch the opening ceremony livestream here
In one of the major highlights from today Blizzcon livestream, it was revealed that WoW Classic would have a release date in 2019. The backlash from the announcement can be boiled down to fans excitement and desire for a sequel to 2012's Diablo 3 .
"This is not a good look for Apple", said Walter Piecyk, a telecoms analyst at BTIG Research.
"Companies typically stop reporting metrics when the metrics are about to turn".
At that event, the Apple boss was bullish on the future of the iPad, but the latest figures show tablet sales for the firm were down 6% on this time past year, with revenue down 15%.
Signaling that its the era of unit sales growth has come to an end, Apple this week said that it would be much less transparent about device sales.
September 12, the company presented iPhone XR, iPhone XS iPhone XS Max and the new Apple Watch. It will now be hard to tell how well new handsets have sold. "I think to start talking about the Apple Pay or the iTunes or the software side and the services side of the business - for that message to really get across to investors and become the main theme of owning Apple - it's going to take some time", he said.
Apple Inc.'s (AAPL) decision to overhaul its reporting structure has stunned investors and analysts. There are benefits to buying a refurbished unit straight from Apple, including a one-year warranty, Apple testing and certification, a new battery, new outer shell, and packaging in a new white box.