Apple’s $1T dreams are on hold as it delivers a disappointing quarter despite iPhone X launch

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Apple’s dream of becoming a $1 trillion company will have to wait — at least for a little while.

Despite the release of the iPhone X, which was accompanied by a wave of positive reviews and seen as Apple’s interpretation of what a next-generation smartphone looks like, Apple wasn’t able to create the so-called “supercycle” that would prompt a massive wave of new iPhone upgrades — leading to a bit of a collective shrug from Wall Street as everything else about hit on target. Despite looking to unlock a new, higher-priced tier to tap potential demand for early-adopters, Apple wasn’t able to see the kind of massive wave that a new size of phones brought.

Here’s the scorecard:

  • Revenue: $88.3 billion, compared to $87.1 billion analyst estimates.
  • Earnings: $3.89 per share, compared to Wall Street’s expectations of $3.83 per share.
  • iPhone sales: 77.3 million, compared to 80.2 million iPhone sold expected by Wall Street.
  • iPad sales: 13.2 million
  • Mac sales: 5.1 million
  • ASP: (Wall Street was looking for around $767)
  • Guidance: between $60 billion and $62 billion, compared to $65.7 billion expected from Wall Street.

Over the past several weeks, reports of weaker demand for the iPhone have come in from a number of different directions — and while it wasn’t clear exactly how it was going to play out until Apple delivered the numbers today, it did serve as somewhat of a signal that Apple wasn’t able to hit that crazy ramp with the iPhone X for any number of reasons. Apple’s guidance also fell a little on the weaker side, which means that the company might not be getting that huge lift from the iPhone X that Wall Street had initially sought.

Here’s what the revenue looks like:

Those reports brought a massive run from Apple to a halt after it looked like it was primed to become a company with a $1 trillion market cap with a new generation of iPhones. The iPhone X had a staggeringly big price tag, but the bet that there would be a bracket of consumers that would pay extra for a newer phone was one that made sense in theory. So, that run to $1 trillion is probably on hold until Apple is able to really create that “super-cycle” that it wants.

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