Here's why Apple doesn't really care about the Mac or iPad

The Citibank 10 percent cashback is valid on iPhone models bought via offline stores

Apple shares dived over five per cent as U.S. markets opened today, causing the Californian company to fall below its $1 trillion valuation as investors reacted to its prediction of a Christmas slump.

But one problem Apple investors will face is not knowing what the margin mix is within the services business.

Sales in Greater China came in at $11.4 billion in the quarter, up 16 percent from a year earlier. The iPad unit sales dropped from 10.3 million of last year to 9.6 million for the last quarter of the financial year this year.

Contrary to that, sale of Mac devices declined with Apple selling a total of 5,299 units of its Mac computers in the final quarter of 2018 to 5,386 units sold in the final quarter of 2017.

"The new reporting methodology is Apple's attempt to get investors to think of their entire business as a service", Munster says. Apple CFO Luca Maestri explained the change saying that unit sales don't provide a clear picture of the company performance. Apple reported that they sold 46.89 million iPhones versus Wall Street consensus expectations of 47.5 million units sold. Apple will no longer report unit sales of iPhones, Macs, and iPads in future quarter earnings releases. That said, Apple during the quarter gone by sold 46.9 million iPhones.

Now playing: Watch this: Apple's new iPad Pro, MacBook Air and Mac Mini: CNET. Maestri also called out Apple's "very large and growing" install base, which is now at an all-time high.

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Investors balked at the reporting change, and at revenue projections that fell short of Wall Street estimates. "It doesn't matter a lot how many units there are in terms of the overall value of what's in the cart".

"While it's frustrating how Apple, with no warning, chose to pull the plug on unit metrics, our core bull thesis does not change on the story and to some extent is emboldened by the (approximately) $800 (average selling price) story and a robust services business poised to hit $50 billion-plus in (Apple's) 2020 fiscal year", Ives said.

Chief Executive Tim Cook said after publishing third quarter results that sales were flat in India in the fourth quarter, which includes a month-long festive season culminating this week in Diwali - a bumper period for electronics sales. While that represents a 14 percent increase in iPhone sales when compared to last quarter, it's about the same number of iPhones sold this time previous year.

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

At some point Apple will need to figure out what will replace the iPhone, or its growth engine could stall out.

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