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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.
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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.
