BUSINESS, Commerce

Apple’s Disappointing Performance Brings Nosebleed

Apple 5th AvenueApple’s stock price fell 3.3% to $89.47 during late evening trade on Thursday, leaving its market valuation at $494bn.

However, the stock later recovered slightly, closing 2.4% down at $90.34.

Trading at below $90 is the lowest this once heralded stock has traded in the last two years.

Uncertainty has shrouded Apple’s stock since the announcement of slowdown in sales of iPhones in Asia and China in particular.

Shares of Apple have been falling since April after the company’s first-quarter earnings 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,” Rosenblatt Securities analyst Jun Zhang reportedly said.

Marcia Wright, Readers Bureau, Fellow

Edited by Jesus Chan

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