Apple incurred weekly losses of about 5.4%, which led to a loss of about $ 87.8 billion of its market value, according to CNBC.
Over the course of October, the company incurred losses in its market value of about $ 150 billion, as the stock declined by 6%, which is the worst October for the company since 2012.
According to Reuters, the late launch of the new fifth-generation iPhones has caused Apple’s customers to delay purchasing new devices, prompting the company to report the largest quarterly drop in iPhone sales in two years.
Since 2013, Apple has delivered new iPhones every September, but the delay caused by the Corona virus epidemic pushed the announcement back for a month, with some devices continuing to ship.
Even with booming Mac and AirPods sales that boosted overall revenue and profits better than analysts had expected, iPhone sales fell 20.7% to $ 26.4 billion.
Investors had expected lower sales from Cupertino, California’s best-selling product, but the decline was worse than expected, especially in China, where more consumers can access 5G compared to the United States or Europe.
In an interview with Reuters, Apple CEO Tim Cook said he is optimistic about the iPhone 12 cycle based on the first five days of shipping data, and indicates a late iPhone 12 release to a drop in sales in Greater China by 28.5% to $ 7.95 billion.
Cook said he expected the new 5G devices to help iPhone sales in China.
“What we see in the early first five days gives us great confidence that China will return to growth in the first quarter of the fiscal year,” Cook told Reuters.
