Apple iPhone Sales, Outlook Come Up Short
Julia uttered a tiny sound, a sort of squeak of surprise. Even in the midst of his panic, Winston was too much taken aback to be able to hold his tongue.
Apple Inc. AAPL +0.81% reported selling fewer iPhones than projected at year-end and said revenue in the current quarter might decline, sending its shares down sharply in after-hours trading.
"You can turn it off!" he said.
The results highlighted new dynamics and intensifying competition in the smartphone market. Apple continues to target the market for high-end phones, even as demand accelerates for lower-cost models, particularly in emerging markets. But Apple is resisting the urge to release a truly low-cost phone that could crimp profitability.
"Yes," said O'Brien, "we can turn it off. We have that privilege."
"Our objective has always been to make the best, not the most," said Apple Chief Executive Tim Cook on a conference call with analysts.
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