Apple shares resume slide on report of discount promotions to boost iPhone sales

“Apple Inc. shares slumped again Tuesday following a report that the tech giant is considering promotional tactics such as promotional discounts and trade-ins to boost iPhone sales over the key holiday shopping period,” Martin Baccardax reports for TheStreet.
“Bloomberg reported Tuesday that Apple reshuffled some of its global marketing staff in October in order to address disappointing iPhone sales, just weeks after a new suite of models, including the XS and the XR, was launched in late September,” Baccardax reports. “Apple shares were marked 2.28% lower at the opening bell Tuesday and changing hands at $180.61 each, a move that takes the decline from its October 3 peak to around 22% and values the Cupertino, Calif.-based group at just over $858 billion.”
“The reports come in the wake of a decision by Apple to no longer provide detailed numbers for the sale of it individual products, such as iPhones and Mac computers,” Baccardax reports. “The decision to scrap that guidance, as well as forecasts for December quarter sales of around $91 billion over the three months ending in December, overshadowed a stronger-than-expected September quarter which saw better-than-expected earnings of $2.91 per share and group revenues of $62.9 billion, and sent shares tumbling to their biggest single-day decline since 2014.”
Read more in the full article here.
MacDailyNews Take: Mission accomplished. Well, actually, can the naysayers, bears, and shorts talk it down to $170 again? Sub $170, even? We might as well maximize profits.
SEE ALSO:
Apple reassigns some marketing staff, tries promos and trade-in deals to spur iPhone sales – December 4, 2018
Apple VP: iPhone XR has been company’s best-selling model every day since it launched – November 28, 2018