Just over last night, Apple stock suffered a decline of more than 9 percent. The downward trend was continuing in trading this morning. The stock price has declined 38 percent since last October.
Just over last night, Apple stock suffered a decline of more than 9 percent. The downward trend was continuing in trading this morning. The stock price has declined 38 percent since last October.
Apple’s stock price decline
The company halted trading yesterday afternoon in order to provide guidance for future earnings. The iPhone upgrade market has softened and this was among the factors causing a big impact on revenues.
On October 3,Apple stock was priced at $232.07 per share but has dropped $87 a share since that high point. However, the market in general has also suffered a decline. As the Techrunch article went to press the price was still down 8.19 percent at $144.98.
D. Davidson senior analyst Tom Forte said that Apple’s announcement was surprising given that Apple traditionally has a strong position: “We knew that iPhone unit sales were weak, but just not how weak.» The company said it is now expecting $84 billion in the quarter that ended Saturday, down from its earlier estimate of $89 billion to $93 billion.
China a key factor in Apple’s decline
Forte thinks that the China situation is key to the decline as a full 20 percent of Apple sales are in China.
