sees big drop
SAN FRANCISCO — Apple reshaped technology and society when Steve Jobs unveiled the iPhone seven years ago. Now, the trendsetting company is losing ground to rivals that offer what Apple has stubbornly refused to make: smartphones with lower prices and larger screens than the iPhone.
The void in Apple's lineup is a major reason why the company's quarterly revenue may be about to fall for the first time in more than a decade, much to investors' dismay.
Wall Street vented its frustration after Apple reported late Monday it sold fewer iPhones than analysts anticipated during the holiday season. Apple compounded that disappointment with a forecast raising the possibility of a revenue decline in the current quarter. It would be the first time Apple's quarterly revenue has dropped from the previous year since 2003.
Apple's stock shed $44, or 8 percent, to close Tuesday at $506.50, marking its largest one-day drop in a year.