Last night, the stock value of technology behemoth known as Apple dropped %10, or about $50 billion, in after-hours trading following the release of somewhat disappointing quarterly earnings. Currently, Apple shares are trading at $461.31, a significant departure from September when the share was at a whopping $702.
The drop has brought forward a lot of speculation as to whether Apple’s products have viable long-term popularity, or whether the brand is starting to wane. And yet, strangely, the earnings report showed record sales of the companies iPhones which were up 78% over last year. Sadly, even with record sales, Apple was unable to meet analyst projections, disappointing many investors.
Countering the doom and gloom, chief executive Tim Cook said “Apple is in one of the most prolific periods of innovation in its history… We’re very confident in our product pipeline.”
(Via The Financial Times)