Apple Inc. shares drop by 3 percent because of software glitch
Apple Inc. shares experienced one of its biggest declines of the year, down by more than 3 percent, following news of a glitch in the new iPhone software update.
Shares of Apple fell by $3.21 down to $98.54 in morning trading Thursday, with volume of about 60 million shares.
The glitch caused issues with the phone’s fingerprint-reading Touch ID capability and troubles with cellular service with all the major carriers, Sprint, Verizon, AT&T, and T-Mobile.
An Apple spokeswoman in a statement:
“We have received reports of an issue with the iOS 8.0.1 update…We are actively investigating these reports and will provide information as quickly as we can. In the meantime we have pulled back the iOS 8.0.1 update.”
In addition to the software update problems, the new iPhone 6 Plus (which comes equipped with a large screen) has been reported to easily bend.
Earlier this week Apple’s iPhone 6 launch was its biggest launch in history, selling 10 million devices around the world in its first few days of release.
The iPhone is Apple’s most important device in terms of revenue and any hiccup with its functionality can have a major effect on the company’s share price – as we have seen happen today.
Earlier this month it’s shares were at a near all-time high of $103.74.