By Pascal Oparada
After Wednesday’s revised projections by CEO, Tim Cook, Apple has had its share price slump by $14 having opened trading on Thursday with $144.
The first company to hit the $1 trillion dollar mark, Apple has experienced continuous slide and is now the fourth most profitable company in the world – behind Microsoft, Amazon, and Google.
Cook’s letter placed the blame for Apple’s lowered projections on a number of factors such as fewer than expected iPhone sales, trade wars with China, and even its own iPhone battery replacement program.
The letter seems to have sent tremors to investors which saw its shares shaved off.
But market research shows people are not keen at replacing or buying new iPhones due largely to high cost.