Apple stock plummets 10%, erasing more than $74B in value

CEO Tim Cook said that for the first time in 16 years, the company expected to miss its first quarter revenue projections by $5 billion.
1:49 | 01/03/19

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for Apple stock plummets 10%, erasing more than $74B in value
Next, to the stock market dive today, after the bombshell news from apple, disappointing sales. And that news then leading to the company losing $74 billion in value today alone. The Dow closing down 660 points, that's down 2.8%. And tonight, why apple CEO Tim cook and his explanation, his words might rattle investors even more. ABC's whit Johnson on wall Street tonight. Reporter: Tonight, a grim outlook for tech giant apple, their stock plummeting 10% today. Erasing more than $74 billion in value. The drop roiling markets, helping to drag down the Dow by 660 points. It all started when CEO Tim cook announced apple expects to miss its first quarter revenue projections by $5 billion. The first time in 16 years, blaming poor iPhone sales in China. What I believe to be the case is the trade tensions between the United States and China put additional pressure on their economy. Reporter: Still, in the last 24 hours, president trump not acknowledging tensions with China, instead, projecting confidence. We had a little glitch in the stock market last month, but it's still up, I zbesz around 30% from the time I got elected, and it's going to go up once we settle trade issues. Whit Johnson with us live tonight from the New York stock exchange. Whit, this news from apple that sales slowed down, Tim cook, obviously, moments ago there, pointing to the U.S. Trade battle with China. And many believe Tim cook's words will likely add to nervousness on Wall Street? Reporter: David, that's right. Tim cook's words will likely add to the brewing fears of a global economic slowdown, fueled in part by trade tensions between the U.S. And China. Today, apple dropping to the fourth-most valuable company in the world, it was number one on that list for a time last year. David? Whit Johnson live on wall Street tonight. Thank you, whit.

This transcript has been automatically generated and may not be 100% accurate.

{"id":60147894,"title":"Apple stock plummets 10%, erasing more than $74B in value","duration":"1:49","description":"CEO Tim Cook said that for the first time in 16 years, the company expected to miss its first quarter revenue projections by $5 billion.","url":"/WNT/video/apple-stock-plummets-10-erasing-74b-60147894","section":"WNT","mediaType":"default"}