Apple shares slump over growth concerns

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Apple shares slump over growth concerns

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Apple shares plunged nearly nine percent on Monday after investors showed concern that the hi-tech giant may be losing steam.

Despite strong demand for iPhones and iPads pushing up sales to a record $57 billion, (41 billion euros) the company saw its value slump.

The markets were reacting to iPhone sales in the holiday shopping season missing lofty expectations and it forecast weak revenue for the current quarter.

Investors just cannot get used to single digit growth rather than the double digit bonanzas of previous years.

At least 12 brokerages lowered their price targets on Apple’s shares, reflecting concerns that it was becoming harder to sell high-end phones as markets become saturated.

However Apple’s profits for the first quarter still came in at over $13 billion (9.5 billion euros) and crucially for analysts, the firm said revenue rose by 29 percent in the greater China region, which includes China, Taiwan, and Hong Kong, compared to the same period last year.