Apple Lost $22 Billion in Market Value Wednesday

Tony Avelar/Bloomberg/Getty Images

After a disappointing quarterly earnings report, the tech giant's stock had its worst day since the height of the financial crisis.

NEW YORK - Shares of Apple had their worst day since the height of the financial crisis Wednesday as the tech giant shed billions in market value, the New York
Post
reported.

A day after Apple posted quarterly results that made for a rare earnings miss, the stock fell 5.6 percent, or $23.62, to $398.62. This cut the company's market value by $22 billion, the Post highlighted. Apple is the second most valuable U.S. company behind Exxon Mobil, which the tech company overtook in terms of market value earlier this year.

The earnings disappointment came during the first quarterly Apple earnings report after the Oct. 5 death of co-founder and former CEO Steve Jobs. Instead of underpromising like the company has often done in the past, new CEO Tim Cook told analysts on the earnings call that the firm's product pipeline is strong. He also promised record iPhone and iPad sales this quarter.

Apple on Wednesday temporarily closed its retail stores to give employees a chance to follow a Jobs memorial on the company's campus that was also streamed online to staff. Cook said the event would give employees "time to remember the incredible things Steve achieved in his life and the many ways he made our world a better place."

Email: Georg.Szalai@thr.com

Twitter: @georgszalai

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