- The Washington Times - Thursday, January 24, 2013

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.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2021 The Washington Times, LLC. Click here for reprint permission.

Please read our comment policy before commenting.


Click to Read More and View Comments

Click to Hide