Apple crumbles to 16-month low

Apple’s share plummeted to a 16-month low on Wednesday after news broke that it would not produce a new iPad model this summer and that it shipped fewer iPhones in 2013.

Yet again, the media has reported that Apple’s “lost its crown as the world’s most valuable company”. However, it’s never been the world’s most valuable firm, the national oil company of Saudi Arabia, Saudi Aramco, is. #

(Read: Stop the press! Apple is NOT the world’s most valuable company)

The tech giant saw it’s lowest point since Decemeber 2011 after shares fell below $400 before closing at $403. Last year, shares reached more than $705.

Concerns sparked yesterday when one of Apple’s suppliers, Cirrus Logic, which makes sound components for the iPhone and iPad, reported a decline in sales.

On the other hand, Apple’s arch rival Samsung has scooped up a bigger share in both the smartphone and tablet PC sectors.

In the last quarter of 2012, Samsung sold 64.5 million smartphones compared to Apple’s 43.5 million.

Research by Gartner showed that Samsung doubled its share of the tablet PC market to 15.1% in the last three months of 2012. Meanwhile, IDC data analysts reported that Apple’s share slid to to 43.6% from 51.7%.