Apple, on foot of recent Q1 numbers which were seemingly 'below expectations' and which you can read about by scrolling down this blog, means their share price is slipping.
It's -11% since April 26th (-27% over the year). An 8 straight day decline and this hasn't happened since 1998.
Sales in China were also -26% so investor confidence is a bit rattled with headline investor Carl Icahn, dumping his stock and adding to the downward pressure.
Tim Cook was interviewed yesterday to rally support and as he points out, things are still pretty good at Apple.
Q1 had 50 Billion+ in revenues; 10 Billion in profits. "No one else is earning that" he said, "Last year we earned 53 Billion in profits and I think the number 2 company was 24 Billion". He also talked about "great innovation in the pipeline" and if you looked at China on a two-year basis, "Apple grew +70%. It's hard-pressed to say those aren't good results".
He also called India a market with huge potential.
Cook is right. This is an extraordinary company showing dazzling high numbers and will continue. The donkeys of Wall Street can't see past short term declines in their supposed high expectations. They're simply playing the market, shorting for their own financial gain rather than a true reflection of company value and activity.
So be it. But don't let that be statement on true value long term. 10 Billion in profits. In a Quarter. No reason to panic.
