Follow Stocks Live: Apple Falls Sharply

US based technology firm Apple has reported revenues that fall below market expectations.

Whilst posting a 2012 net profit of £13.1bn, the same figure as 2011, and an 18% increase in revenue to $54.5bn Apple shares fell sharply in early trading from a 514.4 to 463.49.

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Clem Chambers, author of an Apple stock watch column Mac Format, maintains that “Apple will revert to normality which means $200 to $300 a share”.

“Unless Apple comes out with a new miracle product we have seen the top of the Apple stock price”. Mr Chambers further argued that “competition will erode its margins and likely in time its sales. iPhone and iPad will go the way of its computers and iPod, where sales are falling”.

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