22nd July 2015
Record profits for Apple in the third quarter have been shrugged off by investors, as the company’s stock fell by seven per cent in after-hours trading.
Some $66 billion was wiped off the value of the world’s largest firm, despite a 38 per cent increase in third-quarter profits and booming iPhone sales.
Revenues also rose by a third to almost $50 billion, but disappointing fourth-quarter forecasts rocked confidence.
Apple’s stock market woes capped a bad day for tech stocks, with Microsoft reporting a record quarterly loss.
Futures on the tech-heavy Nasdaq 100 Index fell one per cent and ended an eight-day rally that has seen it reach its highest since the days of the dotcom bubble.
IBM and United Technologies were also sharply lower, dragging the Dow Jones down one per cent for its biggest daily slide in two weeks.
Stocks in Asia and Europe were lower on Wednesday after the disappointing data from Wall Street hit equities and boosted bonds, sending yields on 10-yr US Treasury notes lower.
The risk-off mood was confirmed as commodities continued to fall, while the safe-haven yen picked up against the dollar.
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