The end of the year does not seem to bode well for Apple, as the tech giant's shares continued to drop 0.3 percent in early Tuesday trading. The company's stocks have now dipped below $110 for the first time since October, pushing the company to new financial lows, according to USA Today.
The drop in Apple's shares continued from Monday, when the company fell by as much as 3 percent, to $109.79 in early Monday trading. Though the stock recovered for a time, it nevertheless closed down 0.6 percent, to $112.48 by the day's end. With the company's high of $134.54 last April in mind, Apple has so far destroyed about $123 billion of its market value this year.
Analysts believe that a "subdued iPhone cycle for the next few quarters" is one of the primary reasons behind the severe lag in Apple's stocks. With steep competition from well-balanced and well-equipped competitors, investors fear that the runaway growth of the Cupertino-based company's smartphone sales have finally started showing signs of slowing down, reports WFMY 2 News.
So far, however, Apple has still managed to beat earnings and revenue estimates in fourth-quarter fiscal 2015. This is primarily due to the company's powerful performance in China, despite the notable slowing down of the Chinese economy, according to Yahoo! Finance.
The year has been quite kind to the technology sector so far, with shares of companies such as Netflix and Amazon doubling their shares this year. Apple's primary rival in the mobile market, Alphabet, is up 44 percent, and Microsoft shares have risen 19 percent this year.
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