Tech content trusted by users in North America and around the world
7,027 Reviews & Articles | 50,107 News Posts
Weekly Giveaway: Win a ZOTAC SONIX PCIe 480GB SSD (Global Entry!)

Apple stock drops below $500 as reports on dwindling iPhone 5 sales surface

Weak iPhone 5 sales reported, Apple stock suffers
| Business, Financial & Legal News | Posted: Jan 14, 2013 7:44 pm

Apple's stock dipped below $500 a share this morning after media outlets reported that Apple ($APPL) was decreasing iPhone 5 component purchases due to lowering demand. That is over a $20 drop from Friday's closing price.

 

apple_stock_drops_below_500_as_reports_on_dwindling_iphone_5_sales_surface_1

 

The Wall Street Journal has reported that demand for the iPhone 5 has been lower than expected and cited "people familiar with the situation" as saying that Apple has cut its order for iPhone 5 screens in half for the March quarter. The Japanese daily publication Nikkei said that Apple has halved its initial order of 65,000 LCD screens from suppliers.

 

As if on cue, this news rattled investors, sending the stock into a downtrend. The stock started recovering shortly after falling below $500 and at the time of this writing, was hovering around $505 a share.

NEWS SOURCES:Mashable.com

Related Tags

Got an opinion on this news? Post a comment below!
loading