Pulse.com.gh logo
Go


Market volatility Apple shares hit two-year low

Apple stock has slid sharply since mid-April, hit in part by the company's disappointing first quarter earnings, which showed a decline in revenues and the first quarterly drop ever in iPhone unit sales since launching the smartphone in 2007.

  • Published: , Refreshed:
The Apple logo is seen at the company's store in Grand Central Terminal, in New York. play

The Apple logo is seen at the company's store in Grand Central Terminal, in New York.

(Mark Lennihan, AP, File)

Shares of Apple sank below $90 for the first time in nearly two years on Thursday, ceding the title of the world's largest company by market valuation to Google.

With investors souring on the outlook for sales of its market-leading iPhones and iPads, and no new blockbuster consumer electronics product in its offerings, Apple shares fell 3.3% to $89.47 in morning trade on Thursday, before rebounding slightly back above the $90 threshold.

That left the company's stock off more than 14% since the beginning of the year and down one-third from the peak of $132.54 one year ago.

Apple stock has slid sharply since mid-April, hit in part by the company's disappointing first quarter earnings, which showed a decline in revenues and the first quarterly drop ever in iPhone unit sales since launching the smartphone in 2007.

Thursday's fall elevated Google parent Alphabet ahead of its Silicon Valley rival as the world's largest company. At 12:00, Apple's market valuation was around $494bn against Alphabet's $498bn.

Worries were mounting over the pace of iPhone sales, the company's top earner, amid reports that consumers worldwide are generally replacing their phones less often than before.

Key Asian producers of components for Apple were also seeing their shares pummelled on the forecast for slower iPhone sales.

And analysts at UBS cut their outlook for Apple's share price on Wednesday to $115 from $120 on lower sales forecasts.

 

Credit: AFP

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Taxes In Ghana Don't rejoice; VAT has been hiked through ‘backdoor’ –...bullet
2 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
3 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
4 Kwabena Duffuor Official: Duffuor’s assets not being auctionedbullet
5 Education Top 5 private high schools in Ghana according to WAECbullet
6 Salaries In 2018 Here are the dates public workers will be...bullet
7 Uche Ofodile Captain Planet’s wife heads MTN Liberiabullet
8 2018 Budget Review Prepare to pay 35% tax if you earn 10k...bullet
9 Number 12 Panic withdrawals hit savings & loans company...bullet
10 Finance Meet the 5 richest, most successful self-made...bullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Plane Crash Starbow suspends operations following plane crashbullet
3 Forbes 2018 Africa's billionaires rich listbullet
4 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
5 Money Alert Meet Africa's richest womanbullet
6 Support Finance minister buys Kantanka carbullet
7 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
8 Bozoma Saint John 10 quotes from Uber top official,...bullet
9 New Phones Nokia MWC 2018 Event in 5 minutesbullet
10 Video We are determined to move Ghana beyond aid - Bawumiabullet

Business