Apple shares tank to five-month low
New York: Apple Inc’s shares plummeted to a five month low, down almost four percent on Wednesday amidst uncertainty hovering over the company’s newest bet, the iPhone 5.
Apple's share price drop since September comes on the heels of torrid growth since the introduction of the iPhone in 2007 and the iPad in 2010, which upended the PC industry and carved out a new device segment.
The tech giant’s share of the market for tablet computers has also dropped to 50 percent in the third quarter, as per a report.
The drop in market share comes as iPad faced more competition from Android devices such as Samsung''s Galaxy tablets and Google''s Nexus 7.
According to the report, in the July-September period, Apple shipped 14 million devices, up 26 percent from 11 million a year ago.
Its market share fell from 60 percent in the third quarter of 2011 as the overall tablet market grew by 50 percent to nearly 28 million, the report said.
With Agency Inputs