Apple has suffered its largest stock decline for 11 months amid waning demand for the iPhone 5.
On January 14, shares of Apple decreased to below $500 for the first time since February. The stock did, however, end the day at $501.75. On January 15, though, it settled for a low of $485.92.
The Wall Street Journal recently said sources indicated that Apple reduced screen orders for the iPhone 5 by almost 50 percent due to weakened demand, as well as decreasing component orders.
Back in December, 2012, UBS analyst Steven Milunovich reduced his iPhone sales estimates for the March, June, and September 2013 quarters by 5 million units within each quarter, noting that the company is unlikely to enjoy the same success it experienced during 2012.
Following the iPad 4 and iPad Mini's launch, Apple lost $35 billion in market valuation in what turned out to be its largest share price decrease in four years. Its highest market valuation was over $700 billion, but that figure has been dropping ever since the launch of the iPhone 5.