Apple Shares Slide After Disappointing Holiday Outlook

Rukhshan Mir (@rukhshanmir) Published November 02, 2018 | 11:25 PM

Apple shares tumbled in opening trade Friday a day after quarterly results showing strong profits but weaker-than-anticipated iPhone sales and a disappointing outlook for the key holiday period.

New York, (UrduPoint / Pakistan Point News - 2nd Nov, 2018 ) :Apple shares tumbled in opening trade Friday a day after quarterly results showing strong profits but weaker-than-anticipated iPhone sales and a disappointing outlook for the key holiday period.

At the opening on Wall Street, Apple skidded 5.8 percent to $209.

34, bringing the market value of the tech giant near the level of $1 trillion it topped in August.

The firm said net profit climbed 32 percent to $14.13 billion on revenue that was up 20 percent to $62.9 billion with help from growing sales of digital content and services to users and other Apple gadgetry.

However, the market was disappointed that Apple fell short of expectations with sales of 46.9 million iPhones and a forecast for the key holiday season that was not as robust as anticipated.