Perception can outweigh reality. Just ask Apple.
Despite reporting revenue of $13.1 billion and increased sales in its biggest product lines, Apple stock has dropped 11 percent, reports the New York Times.
It would appear that despite the good news for Q4 2012 that the market is taking a long-term look at the firm. The stock, which peaked at $702.10 in September, and in after-hour trading on Wednesday, it was as low as $461.30.
However, Apple’s chief exec, Timothy D. Cook, expressed confidence in the company’s future, saying that its pipeline was “chock-full” of products. Market analysts are not as optimistic.
“There’s nothing that can help the stock from sliding now,” said Mark Moskowitz, an analyst at J. P. Morgan Securities, who said Apple’s holiday sales met his own forecasts, even though they missed others’ predictions.