Apple set for worst week in 17 months, sheds $43bn in market value
Apple shares are on track for their worst week in 17 months amid mixed reviews on its slate of new product offerings and muted demand for the new iPhone 8.
The stock fell 1.5 per cent in early trading on Friday, taking its losses this week to over 5.2 per cent, the biggest 5-day decline since the week ending April 29 2016.
The drop also wiped more than $43bn off Apple’s market value.
While the stock had managed to eke out a weekly gain following its big launch event last week, shares have been on the backfoot this week after the company admitted to a glitch on its new iWatch and reviewers complained that the iPhone 8 offered just a minor upgrade to the iPhone 7.
Sentiment for the stock has also been hit by reports of tepid turnouts for iPhone 8′s release today.
Analysts have warned that demand for the phone is likely to be weaker compared to past phone launches as fans hold out for the premium iPhone X, which is due out in early November.
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