Apple drops below trillion-dollar value on disappointing sales figures

Apple lost its status as the world’s only trillion-dollar public company on Thursday night as shares slumped following disappointing results. The iPhone maker said that it would no longer reveal how many iPhones, iPads and Macs it sells each quarter, claiming the figure was no longer relevant to investors. The announcement, combined with an underwhelming forecast for the crucial Christmas quarter, sent shares falling by more than 7pc in after-hours trading, knocking over $70bn (£54bn) off its value. If maintained, the drop means Apple’s value will fall below the trillion-dollar mark for the first time since it reached the milestone in August. The news adds to a malaise that has hit technology shares in recent weeks. Amazon’s value surpassed a trillion dollars just weeks after Apple but has also fallen below the mark, while shares in other Silicon Valley giants have fallen. Apple’s fall came despite it posting record profits and sales after it convinced consumers to buy more-expensive versions of the iPhone in the three months to the end of September. But it said it expected revenue of between $89bn and $93bn in the final three months of 2018, traditionally the company’s most profitable selling season. Wall Street had priced… Read full this story

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