Apple beat expectations on its quarterly earnings revenue, and now we know exactly how much cash the company is sitting on. Want a hint? It's more than the gross domestic product of Peru. So why are its shares getting shredded on Wall Street today?
Even though Apple is outselling every other electronics company, it still has to compete with itself. That means the U.S.-based company has to improve its own sales figures every year from what they were before. And there are some things that just aren't doing as well as they used to.
I've told you about the plummeting decline in Apple Watch's popularity, but it's not the only thing struggling (in Apple terms). The iPad is also down 18% from last year and Apple's total revenue from the Greater China area (mainland China and Hong Kong) fell 21% from the previous quarter.
Just because a few items are tanking for Apple, that doesn't mean they are doing poorly. Actually, quite the opposite is happening.
According to CNBC, Apple's total cash ($203 billion) is the equivalent of:
- The market cap of Disney.
- Nearly 184.5 million ounces of gold (with gold approximately at $1,100 an ounce) — more than all the gold in Fort Knox.
- The GDP of the Czech Republic.
- The GDP of Peru.
- Five times the combined value of all 30 MLB teams.
- 270 separate trips to the moon.
- The total net worth of Bill Gates, Warren Buffett, Mark Zuckerberg, and Jack Ma combined.
- The equivalent of more than 2,136 Sherry Netherland Penthouses.
- Handing each person in the United States a check for $632.
Even though Apple has been killing the electronics game, shareholders are spooked. One share of an Apple stock dropped almost 6% in the last few days to $124 a share.
Do you think this panic is all unwarranted or can you see why people are pulling away from Apple products? Tell me by leaving a comment below.