Apple warns shareholders of drastically slowing sales
BY Wire Reports
Thursday, January 24, 2013
1/24/13 at 2:32 AM
Apple Inc. warned Wednesday that the blockbuster sales growth of the last five years is slowing drastically, as iPhone sales are starting to plateau.
The outlook sent Apple shares plunging by 10 percent, wiping out a year's worth of gains.
Analysts said the warning suggested that Apple can no longer sustain its growth without some completely new product. Its last revolutionary product launch was the iPad in 2010.
Apple shipped 47.8 million iPhones in the latest quarter, about 1 million less than analysts were expecting, and 22.9 million iPads, also about 1 million short.