The day after Apple reported its first year-over-year decline in iPhone sales, stockholders dumped the company’s shares left and right. Apple’s stock declined 6.3% today, falling $6.53 to $97.82. The decline wiped $40 billion off of Apple’s valuation. While this might seem like a rather harsh reaction to a decline in iPhone sales that was expected, Apple also reported its first quarterly decline in revenue in 13 years.
While the 51.2 million iPhones sold during Apple’s fiscal second quarter actually topped the Wall Street consensus calling for sales of 50.7 million units, what wasn’t expected was the $641 average sales price of each phone sold.
