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

White Woman Sues Sperm Bank After Having A Black Baby

A Chicago-area sperm bank is being sued by a white Ohio woman after it mistakenly sent her vials of sperm from an African American man. Jennifer Cramblett, who ordered sperm from a white man for her and her partner, only learned that her daughter, Payton, would be half-black after becoming pregnant in April of 2012. […]

World Emily Arata

Girl Miraculously Found In Mexico After Missing For 12 Years

Sabrina Allen went missing 12 years ago and has finally been returned to the custody of her father, Greg. Allen, who disappeared from her Austin, Texas, home at just 4 years old, was kidnapped by her mother, Dara Llorens. As per the terms of Llorens’ custody agreement, she took the little girl for a weekend visit. […]

World Sean Levinson

Ebola Patient In The US May Have Exposed Dozens To The Disease

The man identified as the first person to be diagnosed with Ebola in the US came into contact with over a dozen people, some of whom were children, before being diagnosed and quarantined. According to Dallas news station WFAA, five children ranging from elementary to high school students may have been exposed to the virus and […]

World Sean Levinson

Jail Had Absolutely No Clue Prisoner Escaped Until Lawyer Tried To Visit

A Washington state inmate is back in jail after his disappearance went completely unnoticed for two days. According to the Everett Herald, 19-year-old Rhyan Vasquez simply walked out of an unguarded door in Marysville City Jail on September 22 after attending Bible study at a visitation area. Surveillance video shows Vasquez walking into a hallway, […]

Also On Elite

Sports

Week 4 Rundown: What’s Buzzing In The NFL This Week

The infamous elevator tape is still making headlines off the field. This week, the saga has grown to include ESPN personality Bill Simmons. Simmons, on his podcast, says, in reference to NFL Commissioner Roger Goodell: If you put him up on a lie detector test that guy would fail. For all those people to pretend […]

Dating

For Anyone Who Has Ever Suffered The Pain Of A Broken Heart: There Is Hope

Take yourself back to when you were 16. You were a completely different person than you are today, right? As we grow up, we grow out of bands, bedrooms, haircuts, friendship and, more often than not, relationships. What we felt as heartbreak back then, we now see as our first crush welcoming a two-week relationship […]

World

Worst Criminal Ever Steals $160K Diamond And Pawns It Off For $20 Worth Of Weed

An Arizona UPS worker allegedly stole a package with a diamond inside and sold it for just $20 worth of marijuana. According to KNXV-TV, 20-year-old Walter Earl Morrison was unloading luggage from a plane at Sky Harbor Airport when he saw a package that he thought contained a large amount of cash. After opening it, […]

World

NYU Student’s Letter About why She Has To Dropout Is Heartbreakingly Honest

Lucy Parks is angry. Parks, like many other Millenials, felt herself drowning in accumulating student debt while attending New York University and decided to drop out to control her excessive loans. On the eve of her withdrawal from the college, Parks sent NYU President John Sexton a letter explaining her situation. Parks, a gay woman […]