As the markets slid more than 665 points during the trading session on Friday, tech darling Apple (NASDAQ:AAPL) fell into correction territory following its release of mixed financial results on Thursday.
Shares of Apple fell 4.42% on Friday to $160.37, down more than 10% from their recent 52-week high of $179.26. Friday’s percent decrease was the stock’s largest since April 2016, when shares fell 6.26%. Apple is down 5.24% so far this year.
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Friday’s movement comes after what some analysts viewed as a disappointing financial report from Apple, despite the fact that it beat Wall Street’s estimates on both the top and bottom lines. The Cupertino-based tech company reported weaker-than-expected iPhone sales in December – during the holiday season and following the release of its newest iPhone iteration, the iPhone X. The company also lowered its revenue outlook for the coming quarter below analysts’ expectations and there are reports Apple is looking to scale back iPhone X production.
Apple’s not the only tech stock feeling the fire on Friday. Alphabet (NASDAQ:GOOGL), the parent company of Google, fell into pullback territory, down more than 5%.
The Dow Jones Industrial Average fell more than 665 points, or 2.5%, at the close on Friday, marking the worst day for both the blue-chip index and the S&P 500 since January 2016. For the week, the Dow lost more than 4%, while the S&P shed 3.8%.