Apple shares tumble after company warns of subdued growth in holiday quarter

fell 3 per cent on Friday after it disappointed Wall Street with a forecast that indicated growth will stay subdued in the quarter where the holiday season usually drives its strongest sales.

The projection fanned fears about broader holiday demand, with estimates including those from the U.S. National Retail Federation and Deloitte predicting the slowest rise in sales in the crucial shopping period in years due to sticky inflation. “We view management’s flat sales guidance as proof the company cannot rely on iPhone sales to drive shares higher, as it has in the past,” D.A. Davidson analyst Tom Forte said.

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