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](https://www.msn.com/{"default":{"load":"default","w":"80","h":"40","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1axTeV.img?h=400&w=799&m=6&q=60&o=f&l=f&x=2265&y=939"},"size3column":{"load":"default","w":"62","h":"31","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1axTeV.img?h=312&w=624&m=6&q=60&o=f&l=f&x=2265&y=939"},"size2column":{"load":"default","w":"62","h":"31","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1axTeV.img?h=312&w=624&m=6&q=60&o=f&l=f&x=2265&y=939"}})
© 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