More Than $50 Billion Has Been Removed Off Apple’s Market Value

More Than $50 Billion Has Been Removed Off Apple’s Market Value
World

The Apple has fallen far from the tree, as Apple has lost over $50 billion in market cap today after reporting its first quarter earnings.

The share price fell over 12 percent on Thursday, as iPhone sales failed to meet expectations, despite selling a whopping 47.8 million units.

From this time last year, Apple saw a 21.2 percent drop in Mac sales, as the iPad has cannibalized the computer product line.

In addition, some claim that the iPad Mini is affecting the original iPad’s sales.

Apple sold 22.9 million iPads up from 15.4 million the same quarter last year, and the company has had trouble meeting demand for the iPad Mini due to production constraints.

Apple CEO Tim Cook tried to spin the news as well as he could.

“I see cannibalization as a huge opportunity for us,” said Mr Cook.


“On the iPad we have the mother of all opportunities here — the Windows market is much, much larger than the Mac market.”

He also believes that buying iPads can lead to buying computers.

“When someone buys their first Apple product,” he said, “they end up buying another one.”

Apple reached an all-time high of $705 per share in 2012, but has since slumped all the way down to closing at $450 today.

James Gilbert | Elite.

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James Gilbert

World news writer James Gilbert is one of the oldest on the Elite Daily writing staff, as he is a borderline Gen Y member. Being considered the dinosaur of the group, he is constantly asked about historical time periods he did not actually live through. All and all, James Gilbert brings that dynamic and balance to the team, rounding out Elite Daily’s Voltron (or that thing the Power Rangers formed for you young whippersnappers.)

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