- Apple shares fell as much as 5.6% on Friday after the tech giant’s fiscal fourth-quarter figures failed to meet analysts’ expectations.
- The slide saw as much as $111 billion 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 first materialize in its current-quarter report.
- The company stopped short of providing forward guidance for the third consecutive quarter. While finance chief Luca Maestri praised new phone sales as “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 just short of analyst expectations.
The tech giant beat estimates