Apple's shares extended a slump in late trading after the comments, falling as much as 7.4 per cent.
But one problem Apple investors will face is not knowing what the margin mix is within the services business. Meanwhile, Apple's net income was $14.12 billion, nearly 32% up from Q4 of the financial 2017, a significant jump, considering Apple was already one of the most profitable companies in the world. Mac sales were down 2 percent, totaling 5.3 million.
Sales for iPads and Macs both dropped (six per cent and two per cent, respectively), but revenue on "Other Products", which includes the Apple Watch, Apple TV, HomePod, AirPods and more, was up 31 per cent.
Elazar Advisors analyst Chaim Siegel said that China trade issues could be making it hard for Apple to get the supplies it needs.
In addition, some investors seem to be disappointed that the company will no longer be reporting unit sales for its segments. He said Apple is trying to make up for slowing unit sales growth by charging more for its lineup of devices.
In the Q4 2018, it sold 46.9 million units, which is almost identical to 46.7 million units sold past year in the same period.
Apple offered no detailed breakdown of iPhone sales, but Cook said "the response has been powerful" to the new 10S models that sell for USD1,000 and up.
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The company was criticized for its decision to no longer disclose iPhone related sales figures, implying that the company now believes that iPhone sales have peaked. Apple also recently introduced more expensive iPad Pros and MacBook Airs.
The dip in Apple's shares to $208.50 knocked around $67 billion off its value, and put Amazon and Microsoft Corp (MSFT.O) back in the mix in the race among the United States' big tech players to be the world's most valuable company.
Analysts had expected Apple to sell 78 million iPhones during the holiday season, but now the company isn't going to reveal whether it hit the target or not. That's a tough pill to swallow for Wall Street.
Tim Cook says that giving details of unit sales is not helpful information as it does not give a clear view of how the company is actually performing.
In contrast, Apple's services business, which includes Apple Music and iTunes, continues to grow, with revenue up 17% on this time past year to just under 10 billion dollars (£7.6 billion).
Other analysts said the outlook remains positive for Apple as it diversifies its revenue base with more services such as streaming music and Apple Pay, and moves toward the launch of a video service that could compete with Netflix.
At some point Apple will need to figure out what will replace the iPhone, or its growth engine could stall out.