APPLE became the world’s first trillion-dollar company earlier this year – but has now slipped below the market.
Investors were stunned when the iPhone maker climbed above a 10-figure valuation in August, but concerns over iPhone XR sales have left them worried.
The company lost roughly 10% of its value this week since last Thursday.
At the time of writing, Apple is now worth $981.1billion, which works out at roughly £750billion.
It’s a major fall from grace for the tech giant, sparked by concerns over the company’s earnings potential.
Apple largely created the panic by itself, announcing that it would no longer reveal how many iPhones, iPads and Macs it was selling.
Apple’s Luca Maestri, the company’s financial chief, said unit sales were “Not particularly relevant for our company at this point”.
He added that they were “not necessarily representative of the underlying strength of our business”.
This led to major concern for investors, who suspected their may be troubled times ahead for Apple in terms of sales.
But Apple’s stock market value was also damaged by a damning report about the new iPhone XR.
The iPhone XR is the cheapest of Apple’s 2018 smartphone trio, starting at £749 – £150 more than last year’s base model.
Many industry experts expected the “budget” handset – which is available in six colours – to be more popular than the £999 iPhone XS.
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But a report by Nikkei Asian Review claimed that iPhone XR sales were struggling.
The report alleged that Apple had asked its smartphone manufacturers Foxconn and Pegatron to cancel plans for additional iPhone XR production lines.
This was reportedly in response to “disappointing demand” for the cheaper model.
However, it’s not possible to confirm this due to Apple’s secrecy around sales and its conversations with the supply chain.
Nikkei said Pegatron is “suspending plans to ramp up production and awaiting further instructions from Apple”.
The report also claimed that Apple had a third iPhone assembler called Winstron on standby for more iPhone XR orders – but none were placed.
However, respected (and often correct) Apple analyst Ming-Chi Kuo recently suggested iPhone XR pre-order demand was “better” than iPhone 8 and 8 Plus sales last year.
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Here’s how much the new 2018 models will cost you in the UK…
- iPhone XR (64GB) – £749
- iPhone XR (128GB) – £799
- iPhone XR (256GB) – £899
- iPhone XS (64GB) – £999
- iPhone XS (256GB) – £1,149
- iPhone XS (512GB) – £1,349
- iPhone XS Max (64GB) – £1,099
- iPhone XS Max (256GB) – £1,249
- iPhone XS Max (512GB) – £1,449
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We were impressed by Apple’s new handset, praising its speedy processor, great features and attractive design in our iPhone XR review.
But we were also enamoured with the pricier model in our iPhone XS review, which we described as the “best phone you can buy today”.
What do you think of the iPhone XR? Let us know in the comments!
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