Apple Loses $1 Trillion Market Value After Soft Earnings Report

Tech giant Apple has reportedly lost its $1 trillion market value following the release of its fourth-quarter earnings report which disappointed investors.

The Silicon Valley tech giant Apple has faced a sharp downturn in stock price, losing its coveted $1 trillion valuation following the release of their fourth-quarter earnings report. The company has also revealed that they will no longer be reporting iPhone sales figures following poor sales performance from the device. Reuters reports that Apple shares have fallen by six percent following the release of the earnings report, knocking $67 billion off the company’s total value.

Emerging markets and foreign exchange costs were the issues that the company blamed for their poor Q4 report. Analysts were quick to cut their price targets for Apple, but Bank of America Merrill Lynch was optimistic, giving the stock a “buy” rating. “Time for investors to adjust to the new disclosures,” analysts from the firm said. “Although the long term opportunity is significant, we expect near term pressure on shares.”

The company was criticized for its decision to no longer disclose iPhone related sales figures, implying that the company now believes that iPhone sales have peaked. Raymond James analysts said in a statement: “While the company believes units are a less relevant metric, we strongly disagree – particularly since we believe iPhone units will begin to decline y/y as a result of higher average selling prices.”

CITI analyst Jim Suva echoed Raymond James analysts sentiments stating: “Some people may fear that this now means that the iPhone units are going to start going negative year over year because it’s easier to talk about great things and not show the details of things that aren’t so great.”

Walt Piecyk, a respected tech analyst at BTIG Research  told the Financial Times, “It’s certainly not a good look for Apple in the eyes of consumers when analysts are quoting ASPs [average sales prices] that are rising by double digits … By not reporting units, it effectively removes the discussion of rising prices from mainstream media stories.”