Apple shares dip 2 per cent amid iPhone sales concerns

Apple shares dip 2 per cent amid iPhone sales concerns

Shares of Apple briefly dipped more than 2 per cent in heavy afternoon trade Friday, taking 11 points off the Dow Jones industrial average with the stock as the third-greatest contributor to declines in the index.

The iPhone maker's shares fell to a low of $111.15 (S$151.10) a share before closing down 1.7 per cent at $112.71 a share.

Declines accelerated after a report from market research company GfK that supposedly raised concerns about sales of the latest iPhone. The findings are based on point-of-sale data in 17 countries during the launch weekend.

GfK confirmed the existence of the report to CNBC, but said it is exclusively for subscribers, and would not divulge its contents. Meanwhile, a separate report in technology website Digitimes indicated that chip orders for the iPhone 7 and 7 Plus will likely fall about 20 per cent sequentially in the first quarter of 2017, citing chip suppliers.

Strong preorders for the device last week had helped Apple shares jump 11.4 per cent in their best week since October 2011.

Apple had said it would not release first weekend sales figures for the newest iPhones, which hit stores last Friday.

Tech was the second-worst performer in the S&P 500 on Friday. Among the movers were Apple suppliers Skyworks, down more than 3 per cent, and Qorvo, down more than 2 per cent. Apple makes up about 14 per cent of the weighting of Technology Select Sector SPDR Fund, and the fund dropped close to 1 per cent. CNBC has reached out to Apple for comment.

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