Apple Shares Fall 9.3% in Early Trade, May Post Worst Earnings-Day Drop in 13 Years
Apple shares fell as much as 9.3% in early trading, threatening to erase $460 billion in market value. The decline, if sustained through the close, would be the company's worst post-earnings performance since a 12.4% drop on January 24, 2013, and its biggest single-day fall since a 12.9% slide on March 16, 2020. CEO Tim Cook cited 'very significant constraints' and limited flexibility in the supply chain on the earnings call. Despite the selloff, Apple shares remain up about 11% year-to-date.
Chief Executive Tim Cook said on the earnings conference call that the company is facing very significant constraints and that there is limited flexibility in the supply chain to remedy the situation.
If the decline holds through the close, it would be Apple's worst post-earnings performance since January 24, 2013, when shares fell 12.4%, and its biggest single-day drop since a 12.9% decline on March 16, 2020. Even after this selloff, Apple shares are still up about 11% year-to-date.