A 3 per cent one-day share price fall may not sound terribly newsworthy, but for Apple (AAPL) 3 per cent means $23bn (£17.5bn) of market value. The tech giant has stumbled due to concerns about weak demand for the new iPhone 8.
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Taiwan’s Economic Daily News recently reported that iPhone 8 suppliers have been asked to reduce production by nearly 50 per cent in November and December. Phone upgrades have fallen across the US and Canada in the three months to September compared with previous years, according to updates from telecoms giants Verizon and Rogers Communication.
