NEW YORK, N.Y. – Shares of Apple hit their lowest level in more than a year on Monday, continuing a decline hastened by the company’s last quarterly earnings report.
Apple Inc. stock touched as low as $419 Monday — its weakest point since January 2012 — before closing down 2.4 per cent at $420.05.
The Cupertino, Calif., company’s Jan. 23 report signalled that its fast growth phase, rare for a company of its size, may be coming to an end.
Apple’s stock price peaked in September at $705.07 on the day the iPhone 5 was released. With Monday’s close, the stock has dropped 40 per cent from the record high.