Aichi International Asset Management - Apple Stock Plunges 8%.

Aichi International: Tech titan, Apple Inc., posted 4Q results that showed a weakening in iPhone sales prompting a selloff in its stock.

Aichi International Asset Management: Apple Inc., the world’s largest technology company posted 4th quarter results that beat Wall Street estimates but reported weakening sales of its flagship iPhone smartphone and a decidedly mediocre revenue forecast for the current quarter.

In after-hours trading on the day of the announcement, Apple stock fell by 5% but by early in the next day’s trading session, it had fallen 8% from where it closed out the previous day’s full session.

“The company managed to shift 51 million iPhones, considerably less than the 55 million expected by analysts” said an Aichi International technology space analyst. “As if that wasn’t bad enough, they also forecast that the company would likely turn in Q1 2014 revenues of between $42bn and $44bn against expectations of $46bn,” he added.

Apple, recently revealed what its CEO, Tim Cook called a “watershed moment” when it announced it had struck a major deal with China Mobile, the world’s largest mobile carrier with some 760 million subscribers to sell its iconic iPhone to but the deal arrived too late to impact upon 4Q results.

“Some say that Apple has pushed the available technology as far as it can go and that the company must innovate in other areas if it is to maintain its competitive edge,” opined the Aichi International Asset Management analyst.

Rumors of an Apple television have failed to materialize and billionaire activist investor Carl Icahn continues to badger the Apple board with demands for Apple’s huge cash pile to be returned, at least in part, to investors by way of a share buyback.

The board of have refused to accede to his demands despite his revelation of an increased stake in the Cupertino, California based company.


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by Janice (few years ago!)

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