Apple faces ‘biggest’ share drop in four years
London: Apple has suffered its worst one-day share price fall in almost four years after the US-based tech giant lost 34.9 billion dollars in market cap, says a report.
The iPhone maker saw its shares fall 6.4 percent to 538.79 dollars, the biggest one-day drop since December 17, 2008.
According to the Telegraph, America’s biggest company lost almost 35 billion dollars off its market value, and is now worth just under 507 billion dollars.
Traders were also spooked by a report from research firm IDC forecasting that Apple’s share of the tablet market will slip to 53.8 percent this year from 56.3 percent in 2011, while Google’s share will increase to 42.7percent from 39.8 percent, the paper said.
It added that Apple’s tablet share would slip below 50 percent by 2016, as total global tablet sales more than double to nearly 283 million units in four years as consumers increasingly opt for them rather than personal computers, the paper added.
According to the paper, analysts expressed concerns that Apple risked losing ground to Nokia smartphones in China, while failing to keep pace with Google in the tablets market.