Apple’s warning on Wednesday about weak iPhone demand in the holiday quarter is a serious deal for Wall Street, and the tech industry in general. Kara Swisher explains …
Is This the End of the Age of Apple?
… some other terrible news this week: Apple’s announcement that it was going to miss its projected revenue by billions of dollars this quarter.
Apple has hung the moon for investors for so long now that the idea of the company struggling sent the entire global stock market into a paroxysm of fear and plunging indexes. It is, to use an old California trope, going to be a real bummer for Silicon Valley.
Now stick with me here, because what’s happening across what are considered fast-forward industries like cannabis and tech is worrisome. Where is the next great boom of innovation going to come from, when even the strongest brands and products might not be sure things anymore?
Apple is not only a bellwether company in tech but also the most expertly managed one under Tim Cook. He, of course, was preceded as chief executive by Steve Jobs, who had brought the company back from the brink of bankruptcy in 1997. Since then, it has been all uphill, to the point this summer when Apple reached a $1 trillion valuation — the first publicly traded American company to reach that high — with a price of $207.39 a share.
Today it’s trading at $142.64, and analysts are predicting it will settle around $135. Yipes. Part of the problem is the meltdown of the economy in China, where Apple products are popular, and the Trump administration’s trade war …