The results are in. Actually, they’re not in. And that was a major problem yesterday for Apple.
You see, the company had to do something they almost never do. They had to revise their earnings guidance.¹ Downward. The stock was halted. Yikes.
Today, the stock is down nearly 10%. Tens of billions of dollars have been shaved off of Apple’s market cap, literally overnight. The company is now the 4th most valuable corporation in the world. That sounds like a great thing until you remember that until recently, it was the most valuable company in the world — and for much of the past several years, this was the case by far.
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