Shares of Apple fell by 12 percent Thursday after Christmas sales of iPhones fell far below what was projected. In dollars and cents, that 12 percent translates into $50 billion.
Nearly 20 brokerage firms cut back price targets for Apple stock by $132, to $612 a share. Jefferies & Co., meanwhile, cut its rating on the stock from “buy” to “hold.” The Telegraph quoted one Jefferies analyst characterizing the fall as a red flag and indicative of an iPhone slowdown that was “real and material.”
Apple’s losing because of screen-size competition from other companies, according to one industry analyst. Samsung, for instance, offers screens that hit 5 inches, compared with Apple’s smaller 3½ and 4 inches.
Apple reported record shipments of its iPhone in December to the tune of 47.8 million. But the forecast was much higher, at 50 million.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at cchumley@washingtontimes.com.
By John Solomon
How the government's punishing of the exposure of official wrongdoing can linger for years
Independent voices from the TWT Communities
A carefully guided tour through the confusing world of modern bookselling and publishing.
“Right Angles” explores serious subjects, such as the Islamization of the Middle East and delegitimization of Israel, with humor, candor and a twist.
Columns from Voices around the World talking about the events, people, politics and social issues that concern us wherever, and whoever, we are.
Weekly agitation from a columnist who many believed to be one of the least likely to become known as a Conservative Republican.
Benghazi: The anatomy of a scandal
13 Photos
Vietnam Memorial adds four names
18 Photos
Cinco de Mayo on the Mall
11 Photos
NRA kicks off annual convention
8 Photos
