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Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

AP­PLE’S dis­ap­point­ing earn­ings re­port sent the com­pany’s mar­ket value tum­bling be­low $1 tril­lion.

Shares of the world’s most valu­able pub­lic com­pany fell 7.1pc 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 $90bn in mar­ket value. The mar­ket cap­i­tal­iza­tion was about $983bn in New York trad­ing.

Ap­ple CEO Tim Cook

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