Business Insider has reported on Apple’s recent shares tumble noting that after the company’s shares closed down for eight days in a row on Monday, Apple faced a downward streak it hadn’t matched since 1998.
It all started when Tim Cook took his quarterly earnings call at the end of April and reported a year-on-year drop in revenue for the first time since 2003.
The big drop will be that earnings call, then
The falling confidence from investors has also been attributed to slowing sales in China due to economic difficulties, and an overall saturation of the markets Apple operates in.
There’s also been another dip after multi-billionaire Carl Icahn offloaded his Apple stake on April 28. Which he attributed to Apple’s reliance on China – revenue dropped in the country by 26% over the first three months of 2016.
It’s worth noting that China makes up about a quarter of Apple’s top line, and to put that in further context, that’s more than all of Europe; as if a drop of 26% didn’t already read as significant enough.
Apple CEO Tim Cook, of course, remains optimistic.