Apple loses its $1 trillion crown (AAPL)
Getty/Chip Somodevilla
Apple on Thursday reported underwhelming iPhone sales and gave soft guidance for the holiday quarter.
Shares fell more than 7%, pushing the company's market cap below $1 trillion.
Apple lost its $1 trillion valuation on Friday as shares fell by more than 7%, to a low of $206.66, following its disappointing fourth-quarter results.
The tech giant on Thursday evening reported underwhelming iPhone sales and gave soft guidance for its crucial holiday quarter, sending shares below the $207.45 price that was needed to hold the mark.
Apple crossed the $1 trillion mark in August — a first for a US company — after reporting strong second-quarter results. Shares peaked at a valuation of $1.121 trillion on October 3, but they fell as much as 11% as the broader stock market came under pressure in October. The company briefly lost its $1 trillion valuation last month as shares dipped to a low of $206.09.
While Apple's disappointing results were notable, Wall Street seemed to be focusing on something that occurred on the earnings call. That's when the company said it would no longer reveal unit sales for its hardware, such as iPhones, drawing the ire of some Wall Street analysts.
"The 'jaw dropper' last night was when Apple announced it will stop providing units/ASPs for iPhones, Macs and its other product lines," the Wedbush analyst Daniel Ives wrote.
"The Street will find this a tough pill to swallow this morning as the transparency of the Cupertino story takes a major dent given that tracking iPhone units has become habitual to any investor that has closely followed the Apple story for the last decade+ and is critical to the thesis."
Ives maintained his $310 price target and "outperform" rating.
Markets Insider
NOW WATCH: 7 places you can't find on Google Maps
See Also:
