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Apple shares drop to near two-year low | |
(about 4 hours later) | |
Shares of Apple have fallen below $90 (£62) for the first time in nearly two years amid investors' concerns about slumping sales of iPhones. | Shares of Apple have fallen below $90 (£62) for the first time in nearly two years amid investors' concerns about slumping sales of iPhones. |
On Thursday, a report citing a source within Apple said suppliers in Taiwan should expect fewer orders. | On Thursday, a report citing a source within Apple said suppliers in Taiwan should expect fewer orders. |
The pace of iPhone sales has slowed, particularly in Asia, and there are no major new product releases scheduled. | The pace of iPhone sales has slowed, particularly in Asia, and there are no major new product releases scheduled. |
The tech giant is vying with Google's parent firm, Alphabet, for the title of the world's most valuable company. | |
Alphabet claimed the most valuable company spot in February after reporting its 2015 financial results, but had fallen back below Apple in the following weeks. | Alphabet claimed the most valuable company spot in February after reporting its 2015 financial results, but had fallen back below Apple in the following weeks. |
Shares of Apple have been falling since April after the company's first-quarter earning report showed slowing demand. | Shares of Apple have been falling since April after the company's first-quarter earning report showed slowing demand. |
"People are getting negative data points about component orders and production forecasts, and the features on the new iPhone do not seem to be a big change from the 6S," said Rosenblatt Securities analyst Jun Zhang. | "People are getting negative data points about component orders and production forecasts, and the features on the new iPhone do not seem to be a big change from the 6S," said Rosenblatt Securities analyst Jun Zhang. |
Apple's stock price fell 3.3% to $89.47 during afternoon trading, leaving its market valuation at $494bn. However, it later recovered slightly, closing 2.4% down at $90.34. |
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