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 firstname.lastname@example.org.
'Your papers, please' must never be heard in America
Independent voices from the TWT Communities
Although contemporary American politics is an unforgiving environment, it’s still wide open to implement a legitimate worldview based on timeless Biblical values.
Sometimes life requires a paradigm twist.
We all eat, and food should be fun and healthful. Food Commune celebrates the food we eat, the people we eat with and the spirits we enjoy.
First over-the-counter column approved for fast and effective relief from even your worst media-induced headache.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall