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
Like Us On Facebook
Like Us On Facebook

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.

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

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.)

More In World

World Sean Levinson

ISIS Militants Reportedly Seen Flying Captured Fighter Planes Over Syria

The Islamic State has been flying fighter jets seized from the Syrian army over the country’s military airport. The Huffington Post states that three military planes were reported to be seen over al-Jarrah airport, also under the militant group’s control, by Syrian Observatory for Human Rights, a Britain-based organization overseeing the conflict. If confirmed, this […]

World Sean Levinson

Governor Photoshops Smiling Black Woman On Campaign Website

The governor of Pennsylvania had a black woman Photoshopped into a campaign photo to make himself look more appealing to minorities. The re-election website of Republican Tom Corbett features a photo of him surrounded by smiling people, one of whom is a black woman, at the bottom of each page. Buzzfeed found out the photo […]

World Sean Levinson

Strippers Spiked Men’s Drinks With Cocaine And Ecstasy, Stole $200K

The New York strippers who stole $200,000 from four wealthy men last year have been offered plea deals, the jail time fairly minimal considering the amount of money involved. Last June it was reported that Samantha Barbash, Roselyn Keo, Karina Pacsucci and Marsi Rosen had been arrested for drugging the men and racking up huge […]

Also On Elite

Sports

Giants Tight End Larry Donnell Lost In Fantasy Because He Didn’t Start Himself

Whatever happened to believing in yourself? That’s a valuable lesson the Giants breakout star, tight end Larry Donnell, learned in week four of his fantasy football league. The undrafted second-year player out of Grambling State benched himself going up against the Redskins last week, opting to start 49ers’ tight end Vernon Davis. Donnell would go on […]

World

One Of The Taliban’s Top Officials Accidentally Tweeted Out His Location

A Taliban official accidentally tweeted with Twitter’s geolocation feature turned on and therefore informed the entire Internet of his whereabouts. According to the Washington Post, a propaganda message sent on Friday from Taliban spokesman Zabihullah Mujahid declared his location to be Sindh, a region in southeast Pakistan. When users accused him of turning on the […]

Life

Why Millennials Are Seeking Actual Solutions To The Student Loan Crisis

Last week, the left-wing Millennial group Generation Progress published a piece entitled, “Why Are Some Students Enlisting Sugar Daddies To Pay For College?” The article describes SeekingArrangement.com, a website through which young women are turning to wealthy, older men in a desperate attempt to pay off their tuition. This is undoubtedly a tragedy – young […]

World

Germany Got Rid Of College Tuition And We’re All Packing Our Bags

College is officially free in Germany, as every single state in the European nation has abolished tuition fees. According to the Australian, German universities only began charging tuition fees in 2006 after a court ruled that moderate fees and loans did not violate the country’s constitutional devotion to providing higher education to its citizens. Most […]