$7 billion wiped off Apple's value as iPhone fails to deliver on analyst's predictions

iPhone shortfall takes big bite out of Apple

Shares in Apple fell more than six per cent yesterday after AT&T revealed that iPhone sales were far lower than analysts had predicted.

The teleco revealed that it had seen 146,000 subscriptions during its first two days on sale – down a massive 354,000 on many predictions, which estimated sales of 500,000 during its first weekend. The news saw shares fall $8.81 (£4.29) wiping $7 billion (£3.4 billion) off Apple’s market capitisation.

Optimism over the iPhone had pushed Apple shares to $143.75 (£70), helped in part by analysts over-optimistic predictions. Shares closed at down at $134.89 (£65.75).

The news comes just says after a report from NetApplications stated that Mac sales were down, with its market share falling to 6 per cent, down from 6.38 per cent in January. That was despite analysts on Friday predicting that the Mac market was growing at more than double the rate of the overall PC market.

"We believe that Apple is gaining share in PCs and that its growth continues to outpace the PC market," Lehman Bros analyst Harry Blount said. However, as NetApplications‘ report showed, Mac marketshare peaked in January and February and has been in decline since.

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