Apple market cap falls below €1 trillion over iPhone fears
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.