Apple Stock Sinks Lower
SAN FRANCISCO: Apple’s recent unveilings of its latest technological achievements weren’t enough to stop the iPhone maker’s shares from plunging 22.6 percent on Wall Street on Friday, losing around US$532 billion in market value in the process.
Apple may have announced a bunch of new hardware and some updated software, but it did not introduce a new iPhone, a weakness to which the market reacted accordingly.
The San Francisco-based company’s tanking came amid a broad sell-off in the tech sector, as investors rotated out of the market-leading high-flier stocks.
Despite the rout, some analysts see Apple rebounding from here, given its mega-cap position and history of high-quality products – and the prospect of a new iPhone still to come.