Apple shares fall as earnings, revenue forecast disappoint; Icahn adds to stake

Apple’s stock dropped Tuesday, hurt by a lacklustre first-quarter performance and a cautious second-quarter revenue outlook. The shares fell 8%, hovering near $507 in afternoon trading. On Monday, Apple said it sold more iPhones and iPads in the first quarter than in any prior quarter, but investors were expecting even bigger things from the Cupertino, […]

Apple’s stock dropped Tuesday, hurt by a lacklustre first-quarter performance and a cautious second-quarter revenue outlook.

The shares fell 8%, hovering near $507 in afternoon trading.

On Monday, Apple said it sold more iPhones and iPads in the first quarter than in any prior quarter, but investors were expecting even bigger things from the Cupertino, Calif. company.

The iPhone maker also announced a second-quarter revenue forecast of $43 billion, below Wall Street’s $46.13 billion estimate.

The company’s stock has started losing some ground in the past year due to concerns about slowing growth and increasing competition.

On Tuesday, Carl Icahn added to his Apple stake, tweeting that he’d purchased $500 million more shares of the company.

The billionaire investor has spent more than $1 billion on Apple stock during the past weeks to raise his total holdings in the company to roughly $4 billion. Icahn started buying Apple’s stock five months ago, when it was still trading below $450.

Brands Articles

Your Marketing newsletters are changing

The Marketing Morning Filter is ending, but other newsletters are set to return

The List: North Strategic’s very big year

Prior to being picked up by MSLGroup, the PR shop brought in 15 new client wins

The biggest stories in Canadian marketing: 2016

A look back at the most read and shared news items from MarketingMag.ca

Media Profile teams with global PR group

PRGN welcomes Toronto agency as first Canadian partner

Stereo+ unveils brand overhaul from Lg2boutique

How to to introduce a 35-year-old chain to younger shoppers

The List: Wattpad’s evolving influence

The first of our selections for the biggest newsmakers of 2016

Sears Canada takes a gamble on groceries

Losses more than double in Q3 report, but food markets set to arrive

Big opportunities await in the new age of CSR (column)

Overwhelmed consumers want to outsource their consciences, but it requires deep trust

Mintel predicts packaging trends for 2017

Research firm says intelligent, experiential packaging will lead consumer experiences