INSUBCONTINENT EXCLUSIVE:
Apple Inc.’s disappointing earnings report sent the company’s market value tumbling below $1 trillion on Friday.
Shares of the world’s
most valuable public company fell 7.1 per cent on Friday after revealing stagnant iPhone sales and forecasting revenue for the holiday
quarter that fell short of Wall Street expectations at the midpoint
That decline, combined with a reduction in the number of shares outstanding after accounting for repurchases during Apple’s fiscal fourth
quarter, erased nearly $90 billion in market value
The market capitalization was about $983 billion at 10:40 a.m
in New York trading.
The results drew a downgrade to neutral from buy by Bank of America Merrill Lynch analyst Wamsi Mohan, who wrote “we
are incrementally concerned that not all the weakness is captured in the near-term and we are likely to see further negative estimate
revisions.”
Apple, which topped the $1 trillion mark on Aug
2, had a market value of $1.073 trillion at the close of trading on Thursday, according to data compiled by Bloomberg
The Cupertino, California-based company bought back 92.5 million shares during the quarter for about $19.4 billion, Chief Financial Officer
Luca Maestri said on the earnings call.
