Apple sees $111 billion in market value erased on disappointing 4th-quarter iPhone sales and lack of forward guidance



Tim Cook wearing glasses and looking at the camera: Apple CEO Tim Cook. Karl Mondon/Digital First Media/The Mercury News via Getty Images


© Karl Mondon/Digital First Media/The Mercury News via Getty Images
Apple CEO Tim Cook. Karl Mondon/Digital First Media/The Mercury News via Getty Images

  • Apple shares fell as much as 5.6% on Friday after the tech giant’s fiscal fourth-quarter figures failed to meet analysts’ expectations.
  • As much as $111 billion was erased from Apple’s market cap.
  • The company beat estimates for overall revenue and profit, but iPhone sales landed below hopes.
  • Apple’s updated phone lineup was released roughly one month later than usual, ensuring that sales of the new models will materialize in its current-quarter report.
  • The company stopped short of providing forward guidance for the third consecutive quarter. While its finance chief, Luca Maestri, said new-phone sales were “off to a great start,” the lack of official guidance rankled investors.
  • Watch Apple trade live here.

Apple sank as much as 5.6% on Friday after the company’s fiscal fourth-quarter report fell

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