Apple shares fall to 11-month low on iPhone woes

Shares in Apple fell to an 11-month low overnight after disappointing sales of its latest iPhone.

The world's largest company by market cap saw its shares on the Nasdaq close down 3.57% at $501.75, following reports it has curbed production of its products. Shares dipped below $500 for the first time in almost a year during trading yesterday, before moving slightly higher by the end of the day. Apple is understood to have reduced its order of 65 million iPhones by half in Q1 as consumers around the globe cut back their spending, according to reports. Analysts said iPhone sales are slowing because smartphones have saturated developed markets, where Apple is strongest. The new...