Baku 24° C
Apple lost $100 billion in market value after announcing new report
ICT
- 30 October, 2020
- 13:08
The late launch of new 5G phones caused Apple Inc's customers to put off buying new devices, leading the company on Thursday to report the steepest quarterly drop in iPhone sales in two years.
Apple fell over 5% at one point in after-hours trade, wiping $100 billion from its stock market value, Report says, citing Reuters.
Even as booming sales of Macs and AirPods boosted overall revenue and profit above what analysts had expected, iPhone sales dropped 20.7% to $26.4 billion.
Founded in 1976, besides iPhone, Apple produces iPad tablets, iMac computers, MacBook laptops, iPod music players, and other high-tech equipment. The Corporation is one of the largest in the world. Its market capitalization is almost 2 trillion US dollars.
Author
Latest News
09:00
Photo
Hikmat Hajiyev holds extensive discussions on peace agenda issues in US
Foreign policy20:51
Photo
Mikayil Jabbarov holds cooperation talks with senior official of US State Department
Economy20:38
Cuba's electrical grid collapses in nationwide blackout
Other countries20:15
Warsaw says Russian drone intrusion 'not an accidental event'
Other countries20:02
MALBI-trans aims increasing volume of European cargo on Middle Corridor - EXCLUSIVE
Business19:52
IDF confirms series of Yemen strikes, say they targeted Houthi military camps
Other countries19:26
Pashinyan: Armenia ready to synchronize TRIPP with Azerbaijan's infrastructure
Region19:16
Death toll in Nepal's Gen-Z protests reaches 30, over 1,000 injured
Other countries19:12