Apple stock falls on news of Android gains
As Apple Inc. appears to be working to increase market share in developing nations like China, its stock price is slipping on a report that the company is reducing production of the iPhone 5 because of weak demand. This is an Apple store in Beijing. Credit: AP, 2012
Apple's stock slipped Monday as reports signaled the company's latest iPhone is losing ground to sleek alternatives running Google's Android software.
The latest indication that Apple, the world's most valuable company, is seeing sluggish demand for its iPhone 5 emerged in separate stories published Monday in the Japanese newspaper Nikkei and The Wall Street Journal. Both publications cited unnamed people familiar with the situation saying Apple has dramatically reduced its orders for the parts needed to build the newest iPhone because the device isn't selling as well as the company hoped.
The iPhone has become Apple's most valuable product since the company's late CEO, Steve Jobs, unveiled the first model in 2007.
The period covers the first full quarter that the iPhone 5 was on sale.
Although Apple hailed the iPhone 5 as the best version yet, the company's stock has wilted since the device hit the market.
After peaking at $702.41 on the day of the iPhone 5's Sept. 21 release, Apple's stock has plunged nearly 30 percent. Yesterday, the shares fell $18.55 to close at $501.75.
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