Apple Market Cap Falls Below $1 Trillion After Earnings Flop
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Apple Inc.’s disappointing earnings report sent the company’s market value tumbling below $1 trillion on Friday.
Shares of the world’s most valuable public company fell 7.1 percent on Friday after revealing stagnant iPhone sales and forecasting revenue for the holiday quarter that fell short of Wall Street expectations at the midpoint. That decline, combined with a reduction in the number of shares outstanding after accounting for repurchases during Apple’s fiscal fourth quarter, erased nearly $90 billion in market value. The market capitalization was about $983 billion at 10:40 a.m. in New York trading.