Despite having a stellar year, Apple looks like it is slowing down as of late. After failing to impress with the iPhone 8, the company’s stock suffered a noticeable pullback. Many hoped this would regulate itself after the sales numbers came in, but this does not look like it will be the case.
In fact, Apple has faced a plethora of issues with some of its devices as of late and it all culminated in today’s relatively serious losses. Marketwatch reports that:
Apple Inc.’s stock AAPL, -2.32% dropped 2.7% in morning trade Thursday, putting it on track to suffer the biggest decline in over two months, amid a broad selloff in the large-cap technology sector.
They go on to mention that one of the issues is with a connectivity problem with their Apple Watch in China. However, this is not the only technical issue they have run into. According to Bloomberg, the iPhone 8 has been experiencing “battery swelling” which causes the battery to expand within the metal case of the phone, damaging it in the process.
Bloomberg also writes that:
Shares in Apple Inc. and some suppliers fell after a newspaper report said orders for iPhone 8 models have been cut for the rest of the year amid a lukewarm reception.
This news is exactly what apple owners did not want to hear. Hopes were high that the company’s sales would improve after customers flocked to the newest Apple product out of habit. Instead, it seems like this may be one of Apple’s more serious hiccups in recent memory.
As mentioned earlier, Marketwatch explained that this dip also coincided with an overall tech selloff which likely played into the drop as well. Investors should take some time and look at how Apple stands today and decide whether or not it makes sense for them to hold onto the stock for the future. It has already posted incredible gains on the year, but this latest news may see many people cut and run.
To read Marketwatch’s article on Apple’s stock drop, click here.
To watch Bloomberg’s video on the battery swelling issue as well as their statement on Apple’s lagging sales, click here.
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