The move represents a fall of 12% as Apple’s holiday period was described by various news outlets as disheartening.
The Cupertino-based tech giant’s slide was powered by price target cutting from eighteen brokerage firms including Barclays Capital. Apple, however, remains the world’s largest publicly traded company and the slide was its biggest in more than four years.
The changing market prospects occurred as Apple announced its latest quarterly earnings report. And despite the stock slide, the iPhone maker accounted for a record period, drawing in $54.4 billion in funds. The net profit was $13.1 billion – something the company appeared more than pleased to report.
Apple CEO Tim Cook has urged investors to remain steadfast despite reports the company could be making some component order cuts. “I don’t want to comment on any particular rumor, but I’d question the accuracy of any kind of rumor about our plans. I’d stress that even if a particular data point were factual, it would be impossible to interpret [what this means] for our overall business,” the CEO remarked in an earnings call, according to ZDNet.
But industry analysts remain cynical. “Sentiment has turned super-pessimistic on Apple, where they’ve gone from being able to do no wrong to suddenly being able to do no right,” commented Evercore Partners analyst Rob Cihra in a New York Times report.
Meanwhile, Peter Misek, an analyst for Jefferies noted a product feature could be costing Apple. “We think Apple is losing the screen-size wars,” he commented in the Reuters report. Competing mobile devices such as the Samsung Galaxy S3 offer larger interfaces. Apple has, however, increased its screen size with the latest iPhone.