Apple Sales Gain Slowest Since ’09 as Competition Climbs
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Apple Inc. plunged the most in more than four years after posting the slowest profit growth since 2003 and the weakest sales increase in 14 quarters, fueling concern that mounting costs and competition may curtail growth.
The shares dropped 12 percent to $450.50 at the close in New York, the biggest decline since September 2008. Fiscal first-quarter profit rose less than 1 percent to $13.1 billion, or $13.81 a share. Sales climbed 18 percent to $54.5 billion, compared with 73 percent growth in the same period a year ago.