Wednesday, July 22, 2015

Apple Stock Plunge Erases $38 Billion

Apple’s shares are down 5.17 percent to $124.05 in New York at noon, despite an Apple earnings report that showed  iPhone sales climbed 35 percent to 47.5 million units in the fiscal third quarter.

The number fell short of the 48.8 million shipments projected by analysts.

Further, the company appears to have shipped only around 1.9 million smartwatches since it debuted in April, short of the 3 million to 5 million projected by analysts.

Apple also reported the largest-ever cash pile -- $202.8 billion, up from the record $194 billion the company posted in the previous quarter.


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