Apple shares dive 10% overnight as revenues undershoot

Anna Fedorova
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Technology giant Apple saw shares dive 10% in after-hours trading, wiping $50bn off the market cap value, as its latest update to the market left analysts underwhelmed.

The latest earnings report from the world's largest company by market cap showed net profit had come in flat year on year at $13.1bn. But sales of its iPhones - and a lower than expected revenue number -  spooked the market overall. Apple sold 47.8m iPhones in the three months to December, with total revenues of $54.41bn, both coming below many analysts' expectations. Investors had hoped for a blowout quarter with iPhone sales above 50m. The figures caused shares to tumble sharply overnight, falling 9.8% or $50.52, to $463.49 per share. Apple added it sold 22.9 million iPads ...

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