Apple shares dip below $400, marks 16-month low

Apple shares dipped below $400 (£262) yesterday marking a 16-month low for the manufacturer as growing concern suggest the company may miss revenue targets.

For the first time since December 2011, during trading yesterday Apple’s stock fell below $400 (£262), but managed to close at $403 (£264). Last September, Apple shares soared as high as $705 (£462).

The share price dip was due to one of Apple’s suppliers issuing a trading update suggest sales of iPhone and iPad devices were potentially lower than expected and would be revealed in Apple’s report results for March that are to be revealed next week. Analysts also warned that Apple’s trading figures could be rather weak.

Cirrus Logic, a Texan company that makes audio chips for Apple smart devices and relies on Apple for 90 per cent of its business, reported that its first quarter revenue was around $27 million (£17.7 million) down from what it should be, coming in at $170 million (£111 million).

“This is a tough environment,” said Michael Yoshikami, a portfolio manager at California-based Destination Wealth Management, which owns about 50,000 Apple shares. “Apple is in transition between products.”

“We blame Apple for losing its mobility mojo,” said Vernon Essie, an analyst at Needham & Co, in a note. “This was simply an inventory overbuild for the iPhone 5 relative to Apple’s forecast.”

Citi and Jefferies bank analysts are watching Apple and predict the Cupertino company could fail to reach its own revenue goal of around $41 – $43 billion (£26.9 – £28.2 billion) for the March quarter. This could potentially be the first significant decline in income since 2003.

Apple has enjoyed tremendous success in recent years, but is facing increased pressure from its investors and rivals such as Samsung.

Sales of the iPhone 5 and iPad mini have helped to solidify its position as one of the market leading smart devices manufacturers, overall sales have still failed to reach targets and thus Apple’s market share is declining.

Samsung recently overtook Apple as the global leader in the smart device market, gaining a 20.8 per cent market share over Apple’s 18.2 per cent in February.

Via: Sky

More from TrustedReviews

LG Q8 finally brings the V20’s promise to Europe

Atari is now in the speaker business… and the hat business

Thinner Moto Z2 Force could come with a huge trade-off

HyperLoop One

Elon Musk’s Hyperloop gathering pace as NY-DC link gets ‘OK’

N64oid

Is this proof an N64 Classic will follow the SNES?

Agents of Mayhem preview

cats 17

Why you’ll want to download this OnePlus 5 update today

Golf rory

British Open Golf Live Stream: How to watch online for free

Call of Duty: Infinite Warfare for Xbox One down to under £9

Samsung Gear S3 finally gets Samsung Pay support in UK

Welcome to the all new Trusted Reviews

Netgear Arlo

Netgear Arlo Pro

Cat Amazon

Are you kitten me? Pet translation devices tipped for future smart homes

fire emblem warriors

Fire Emblem Warriors

pokken

Pokkén Tournament DX

TP-Link Smart Wi-Fi LED Bulb 5

TP-Link Smart Wi-Fi LED Bulb

Samsung Pay

Samsung Pay now lets you use your PayPal funds at the checkout

assassins creed origins

Ubisoft teases new games for Nintendo Switch, coming ‘quite soon’

amazon echo

Ask Vodafone: Mobile network’s first Amazon Alexa voice skill is revealed

Google Feed

The Google app’s new personalised feed might just drag you off Facebook

z2play 9

Moto Z2 Play

Mira Prism

For just $99 you can bring AR to the iPhone 7

Samsung Galaxy S8

Samsung Galaxy S9 displays may be the same, save one major new feature

movie theatre

The Netflix Effect: ‘Binge-watching’ is coming to movie theatres

Porsche MIssion E

Porsche’s latest electric car chargers put Tesla to shame

EE logo

EE’s new 20GB SIM-free deal is the best value tariff you’ll see all summer

Int-Ball

These are the first images from the ISS – as captured by a zero-gravity drone

iMac 21.5-inch 4K (2017)

LG V30 case

LG V30 design ‘confirmed’ ahead of IFA 2017 launch

iPhone 7 vs iPhone SE

Waiting for the iPhone SE 2? Sadly, it could be a one-and-done

Google Glass Enterprise

Google Glass 2 has arrived, sort of

Denon AH-C621R

Denon AH-C621R

BBC Proms

Get ready to listen to the BBC Proms like never before

Fender Newport Monterey Bluetooth speakers

Fender’s new Bluetooth speakers look just like tiny guitar amps

Garmin Vivosmart 3

Garmin Vivosmart 3

airplane

Is the laptop travel ban dead? Electronics restrictions lifted by TSA but UK fails to follow suit

KitSound Immerse

KitSound Immerse Wireless Headphones

Emojis

It’s World Emoji Day and Apple is showing off all of its newcomers

Porn Block

Privacy fears as UK plans age verification for porn sites

WhatsApp

New WhatsApp feature could give Apple’s iMessage a run for its money