1. Tuesday, February 26, 2013 - 1:01 AM
The 10% plunge in Apple shares, which are now valued at $460, reduced the company's stock market value to $432bn and was caused by its report of flat profits on record quarterly revenue of $55bn.
Apple shares hit a peak of $702 last September, but have since lost 35% of their value – wiping $225bn off the value of the business – as worries about whether the tech giant's days as a high-growth company are over. Yesterday's decline in the Apple price was its biggest single-day decline for four years.
Apple sold 47.8m iPhones over the Christmas quarter, missing a forecast average of around 50m, which sparked the stock market rout.
In Spain, the latest data showed that 6 million people were now out of work, with the unemployment rate rising, but claims for jobless benefits in the US hit a five-year low. Improved Chinese manufacturing data also helped sentiment.
Apple shares hit a peak of $702 last September, but have since lost 35% of their value – wiping $225bn off the value of the business – as worries about whether the tech giant's days as a high-growth company are over. Yesterday's decline in the Apple price was its biggest single-day decline for four years.
Apple sold 47.8m iPhones over the Christmas quarter, missing a forecast average of around 50m, which sparked the stock market rout.
In Spain, the latest data showed that 6 million people were now out of work, with the unemployment rate rising, but claims for jobless benefits in the US hit a five-year low. Improved Chinese manufacturing data also helped sentiment.
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