Apple Inc (AAPL) shares declined the most in almost four years on Wednesday on concern that the company will lose ground in smartphones to Nokia Oyj (NOK1V) in China while giving up market share to Google Inc (GOOG) in tablets.
Apple fell 6.4%, the biggest drop since Dec 17, 2008, to $538.79 at the close in New York. The decline erased US$34.9 billion from Apple's market value, the steepest loss since at least 1988, according to data compiled by Bloomberg. The stock has advanced 33% so far this year.
China Mobile Ltd, China's largest wireless carrier, agreed to carry the Lumia 920T, a device based on Microsoft Corp's Windows Phone 8 software, the companies said in a statement. Though Apple has agreements with China Telecom Corp and China Unicom (Hong Kong) Ltd. to sell iPhones, the Cupertino, California-based company hasn’t yet forged a deal with China Mobile in the world’s largest mobile-phone market.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.