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Added on the 31/07/2019 06:22:42 - Copyright : Wochit
Apple reports record iPhone sales; Yahoo will do a tax free spin off of its Alibaba stake; Stocks drop on multinational earnings. Bobbi Rebell reports.
On Friday, Apple shares fell as much as 5.6%. The drop comes after the tech giant's fiscal fourth-quarter figures failed to meet analysts' expectations. Business Insider reports the slide saw as much as $111 billion erased from Apple's market cap. The company beat estimates for overall revenue and profit. iPhone sales were well below Apple's expectations. Apple's updated phone lineup was released roughly one month later than usual. The delay almost guaranteed sales of the new models will first materialize in its current-quarter report.
Apple's iPhone sales have grown after four quarters of decline.
Apple credits demand for the iPhone 11 for its record sales and profits.
Apple has sold less iPhones than expected - and it will no longer reveal unit sales of its major devices.
Samsung Electronics are slashing production at its OLED panel plant following poor sales of the iPhone X.
Whle iPhone sales figures were down in the last three months of 2017 based on the same time the previous year, higher prices of the iPhone X have made up for the dip.
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