“Apple Inc.’s disappointing earnings report sent the company’s market value tumbling below $1 trillion on Friday,” Jeran Wittenstein reports for Bloomberg News.
MacDailyNews Note: Fake news. In reality, Apple reported another record-breaking quarter on Friday.
“Shares of the world’s most valuable public company fell 7.1 percent on Friday after revealing stagnant iPhone sales and forecasting revenue for the holiday quarter that fell short of Wall Street expectations at the midpoint,” Wittenstein reports. “That decline, combined with a reduction in the number of shares outstanding after accounting for repurchases during Apple’s 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.”
MacDailyNews Take: Apple’s earnings weren’t “disappointing” to analysts, Apple’s Q119 guidance and future reporting changes were.
Wittenstein reports, “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.”
Read more in the full article here.
MacDailyNews Take: Excellent news (fake news in Bloomberg’s case) for Apple’s buyback program!
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