Apple shares fall more than 10 percent from record high
Apple shares on Friday continued their two-week slide, closing at $160.50 — down more than 10 percent from their recent high.
That puts shares of the tech giant clearly in a correction.
Amid a broad market sell-off, Apple shares closed Friday down 4.3 percent — one day after posting strong quarterly results.
Investors, however, are growing concerned over demand for the company’s uber-important iPhone.
Apple, led by CEO Tim Cook, revealed it had missed sales targets for its smartphone and delivered disappointing revenue projections — forecasting $60 billion to $62 billion for the current quarter, below Wall Street’s estimate of $65.73 billion.
A silver lining, though, is research firm IDC said Friday that Apple overtook archrival Samsung in the fourth quarter as the largest smartphone seller in the world, with a 19.2 percent market share to Samsung’s 18.4 percent.