{"id":97650,"date":"2018-11-02T20:00:47","date_gmt":"2018-11-02T20:00:47","guid":{"rendered":"http:\/\/www.bnreport.com\/apple-m-cap-falls-below-1-trillion-after-earnings-flop\/"},"modified":"2018-11-02T20:00:47","modified_gmt":"2018-11-02T20:00:47","slug":"apple-m-cap-falls-below-1-trillion-after-earnings-flop","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/apple-m-cap-falls-below-1-trillion-after-earnings-flop\/","title":{"rendered":"Apple m-cap falls below $1 trillion after earnings flop"},"content":{"rendered":"

Apple Inc.s disappointing earnings report sent the companys market value tumbling below $1 trillion on Friday. <\/p>\n

Shares of the worlds most valuable public company fell 7.1 per cent on Friday after revealing stagnant iPhone<\/a> sales and forecasting revenue for the holiday quarter that fell short of Wall Street<\/a> expectations at the midpoint. That decline, combined with a reduction in the number of shares outstanding after accounting for repurchases during Apples fiscal fourth quarter, erased nearly $90 billion in market value. The market capitalization was about $983 billion at 10:40 a.m. in New York trading. <\/p>\n

The results drew a downgrade to neutral from buy by Bank of America Merrill Lynch<\/a> analyst Wamsi Mohan, who wrote \u201cwe are incrementally concerned that not all the weakness is captured in the near-term and we are likely to see further negative estimate revisions.\u201d <\/p>\n

Apple, which topped the $1 trillion mark on Aug. 2, had a market value of $1.073 trillion at the close of trading on Thursday, according to data compiled by Bloomberg. The Cupertino, California-based company bought back 92.5 million shares during the quarter for about $19.4 billion, Chief Financial Officer Luca Maestri<\/a> said on the earnings call. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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