APPLE saw more than $60bn (£38bn) wiped off its market value yesterday as investors bailed out of the company following a set of results that disappointed Wall Street.
After the technology giant’s revenues for the last three months of 2012 missed analyst forecasts, shares fell by 12.4 per cent in New York to hit $450.50 – a low not seen for 12 months. The fall threatened Apple’s position as the world’s highest-valued company, with its market capitalisation now sitting at $423bn, less than $10bn higher than ExxonMobil, which Apple leapfrogged one year ago today.
Such is Apple’s weight on Nasdaq that despite a global market rally yesterday, the index was dragged down by 0.8 per cent.
On Wednesday night, Apple reported record quarterly profits and revenues on all-time high iPhone and iPad sales. But the firm missed revenue forecasts, and warned of slowing growth and lower profit margins in the next quarter. The fall – Apple’s biggest in one day for four years – means that its shares have now dropped by more than a third since their $702 high. Analysts warned the company needs to be reinvigorated by new technology to continue to grow at the rate it has done until now. “To re-accelerate growth, Apple likely needs to launch new products, yet few seem likely before June,” Nomura’s Stuart Jeffrey said.