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Apple, once over $700, dips below $400 as worries grow

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By Noel Young, Correspondent

April 18, 2013 | 2 min read

Apple shares, dropped below $400 yesterday for the first time since 2011. They later recovered to $402.90 - still a far cry from their peak of over $705 last September.

Tim Cook: Share price pressure

The fall came after an iPhone supplier Cirrus Logic said revenue this quarter would be weaker than expected, because of "a decreased forecast for a high-volume product" from a customer.

Cirrus didn't name the customer, said the Wall Street Journal - but Apple made up 82% of Cirrus sales in the first nine months of its fiscal year. Cirrus audio chips are used in iPhones and iPads.

Tim Cook, who took over as boss as Steve Jobs became more and more ill , has seen analysts recently lower expectations for Apple following signs of weakening demand for its devices, said the WSJ.

Toni Sacconaghi, at Bernstein Research, cut his forecasts for both the iPhone and iPad by about a million units each.

"We believe multiple news reports and checks support demand trending below our previous estimate from January," he wrote of the iPad in a note to investors.

Concerns that new products won't be released until the summer and worries over missteps - such as the mapping software fiasco - have also undermined Apple's share price.

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