Apple Has Lost A Facebook In 3 Months, Losing Rs 31 Lakh Crore Due To Weak iPhone Sales

After Apple talked about disappointing earnings yesterday, the company's stock continued to dip.

Starting down more than 9 percent yesterday, it's now a total of 38 percent down since October.

Apple CEO Tim Cook believes customers are changing, as evidenced by his talk of "weak demand" and how the iPhone upgrade cycles have lengthened. Apple briefly stopped trading yesterday to talk about the announcement, and now their shares are sitting at $142.19, compared to $232.07 in October.

Of course, it's been known for a while that Apple sales are slowing down, at least among experts. What they weren't prepared for however was just how badly iPhones were doing. And this season has been particularly bad for the company.

Also Read: Apple Is Struggling To Sell New iPhones, And It's Blaming Consumers Like You For Not Upgrading

Amidst a US-China trade war, Apple could feel the brunt considering that's where 20 percent of its sales come from. And that's already had local competitors like Huawei eating away at it. In India, skyrocketing prices have led to many customer sticking with their older iPhones for longer, or even turning towards much cheaper Android alternatives.

In fact, the only reason Apple's stock didn't slump even further is because the company said the rest of its stuff is selling well. Everything else, from iPads to Apple Music, to other hardware and services are up by 19 percent.