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Apple Inc. AAPL, +0.53% shares fell below $100 for the first time in 15 months, gripped by Thursday’s sharp market declines and signs of slowing growth in the two pillars of the company’s recent success: the iPhone and China.
The Cupertino, Calif., company’s 4.2% drop on the day was greater than the overall market’s slide and the 3% slump in the Nasdaq Composite, which closed down 10% from its May peak. Since early December, Apple has shed $100 billion in market value.
Signs of weakness in the iPhone, its best-selling and most profitable product, come after new, larger-screen models propelled Apple to record results in its fiscal year ended Sept. 26. Buoyed by China’s rising middle class, Apple’s Greater China sales in that period grew 84%, and the company overall posted revenue of $233 billion for the year.
Now, both of those growth engines appear at risk. The Wall Street Journal reported Tuesday that Apple has cut order forecasts to iPhone suppliers in recent months, according to people familiar with the matter. And China’s economy is slowing sharply, dramatized by plunging stock markets.
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