 "Stock plunge erases $38 bn of Apple's market value")
Apple Inc shares tumbled on Tuesday and Wednesday, wiping out $38 billion in market value, after disappointing iPhone sales rekindled concerns over whether the company could keep making must-have products.
Even though iPhone sales climbed 35 per cent to 47.5 million units in the April-June quarter, the result fell short of the 48.8 million shipments projected by analysts. That, plus a revenue forecast for the current period that missed estimates, on Tuesday triggered the steepest post-earnings share decline in extended trading since January 2013, when Chief Executive Officer Tim Cook was under scrutiny over his ability to keep up Apple's pace of innovation and sales growth.
At 12:20 am IST on Nasdaq, the shares of Apple Inc were trading at $124.86 apiece, down $5.89, or 4.5 per cent, over their previous close.
ALSO READ: Apple profit up, but forecast weak
Even though iPhone sales climbed 35 per cent to 47.5 million units in the April-June quarter, the result fell short of the 48.8 million shipments projected by analysts. That, plus a revenue forecast for the current period that missed estimates, on Tuesday triggered the steepest post-earnings share decline in extended trading since January 2013, when Chief Executive Officer Tim Cook was under scrutiny over his ability to keep up Apple's pace of innovation and sales growth.
At 12:20 am IST on Nasdaq, the shares of Apple Inc were trading at $124.86 apiece, down $5.89, or 4.5 per cent, over their previous close.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%