Apple Inc. shares have moved sharply down after the company reported a steep fall in iPhone sales in China as the demand fell short of analysts’ expectations. According to NASDAQ market data, Apple’s shares lost 4.2% at once in just one trading session. Everything was going smoothly during the main session and the price even climbed by 3.7% to $115 per share. However, Apple ended the trade with a big slump. As a result, the tech giant’s market cap was cut by $83 billion. The main reason to trigger the drawdown was the revenue report released by the company. According to the report, in China, one of the company’s main target regions, iPhone sales plunged by 29% to $7.9 billion. Obviously, the markets immediately reacted to the news. Notably, the company’s total revenue in the third quarter has actually exceeded analysts’ expectations and came in at $64.7 billion. Still, the downbeat data from China had more impact on the markets.
