Apple stock on pace for its biggest single-day loss in 6 years

on Jan3
by | Comments Off on Apple stock on pace for its biggest single-day loss in 6 years |

Apple cratered as much as 10 percent Thursday, a day after slashing revenue guidance in a rare acknowledgement of waning sales.

The plunge puts Apple on pace for its worst day of trading since January 2013, and it extends a painful year-end trend for Apple into 2019. The stock, which once traded above $230 per share, shed 30 percent in the fourth quarter of 2018. Shares opened just below $144 Thursday.

The losses push Apple’s market valuation below $700 billion and behind the market cap of Alphabet. The company has lost about $450 billion in market value since its peak of about $1.1 trillion last year.

The company cited longer upgrade cycles and headwinds in China as causing lower-than-expected iPhone sales. Apple now expects revenue for its fiscal first quarter to be as much as $9 billion lower than previous projections.

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