Apple plunges most in almost six years on IPhone slump
Posted in: Uncategorized
Apple Inc. plunged to its lowest price in a year-and-a-half after the company cut its revenue outlook for the first time in almost two decades, citing weaker demand in China.
Chief Executive Officer Tim Cook said sales will be about $84 billion in the quarter ended Dec. 29, down from earlier estimates of $89 billion to $93 billion. Apple posted sales of $88.3 billion in the fiscal first quarter a year earlier, so the new forecast would mean Apple is reporting a holiday quarter slowdown for the first time since Cook became CEO in 2011.
Apple shares fell 10 percent to $142.19, the biggest drop in almost six years, in New York Thursday. The revenue revision, which came late Wednesday, led markets lower around the world and also triggered a slump for Asian suppliers and a wave of lower price targets from Wall Street.
Post a Comment