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.

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

Forget Raving, MDMA Is Helping War Veterans Cope With Their PTSD

Tony Macie is one of the many Iraq veterans who returned home with post traumatic stress disorder. Doctors gave him anti-depressants but, as usual, they were no use. Thankfully, Tony is very open-minded and had heard of alternative methods of combating PTSD being experimented on in the Multidisciplinary Association for Psychedelic Studies (MAPS). Those are […]

World Katie Gonzalez

This Anti-Bullying Commercial Means Well But Completely Misses The Mark

Er… this anti-bullying PSA might prove that sometimes, something that is well-intentioned can still fail to deliver. The commercial, produced on behalf of VH1 by advertising agency Del Campo Saatchi & Saatchi, attempts to show how bullying is bad, and the ways in which students can cope after they’ve been victimized by the school’s biggest […]

World Katie Gonzalez

Duke’s ‘You Don’t Say’ Campaign Looks To Eliminate Offensive Sayings From Every Day Speak (Photos)

Duke University’s “You Don’t Say?” campaign totally hits the nail on the head; it’s the 21st century, and there’s some sh*t you just shouldn’t say anymore because it’s offensive and harmful to certain communities. Through black and white images, the campaign highlights some seemingly “harmless” phrases often spoken to serve as a funny one-liner or […]

Also On Elite

Entertainment

How Women Have Created A War Against One Another And Why It Needs To Stop

Earlier this year, as Vogue prepared its February issue, which featured Lena Dunham on the cover, “feminist” blog site Jezebel offered a $10,000 reward to anyone who could provide un-retouched photos from the magazine’s photo shoot with Dunham, an inexplicable move that will go down in infamy in the annals of ridiculous female douchery. Addressing the Jezebel incident in interviews since then, Dunham […]

Sports

Terrifying: This First Person Video Of Biking Down A Mountain Is Full Of Nope

In the ridiculous world of action sports, daredevils never cease to push the envelope from the extreme to straight-up insane. While BMX bike riding down the side of a rocky mountain might sound like a fun idea — at least for a highly skilled professional — this first-person footage will make you think otherwise. To […]