Apple shares slumped below $100 for the first time in months as production cuts refuelled worries that demand for iPhones is weakening.
Investors were rattled by reports yesterday that Apple was expected to cut production of both the latest iPhone models 6S and 6S Plus by 30 per cent in the first quarter of 2016, as inventories begin to pile up.
This latest indication that iPhone sales have begun winding down sent the stock plunging, with share prices falling to as low as $96.96 in afternoon trading today before bouncing back to close at $100.70.
The intraday low marks its lowest point since 24 August, better remembered as Black Monday, when global stock markets fell through the floor on China rout.
Apple’s results are heavily reliant on iPhone sales, as the iconic phone makes up two-thirds of its revenue.