Apple sees $111 billion in market value erased on disappointing 4th-quarter iPhone sales and lack of forward guidance

• Apple shares fell as much as 5.6% on Friday after the tech giant’s fiscal fourth-quarter figures failed to meet analysts’ expectations.
• As much as $111 billion was erased from Apple’s market cap.
• The company beat estimates for overall revenue and profit, but iPhone sales landed below hopes.
• Apple’s updated phone lineup was released roughly one month later than usual, ensuring that sales of the new models will materialize in its current-quarter report.
• The company stopped short of providing forward guidance for the third consecutive quarter. While its finance chief, Luca Maestri, said new-phone sales were “off to a great start,” the lack of official guidance rankled investors.
• Watch Apple trade live here.

Apple sank as much as 5.6% on Friday after the company’s fiscal fourth-quarter report fell just short of analyst expectations.

The tech giant beat estimates for quarterly revenue and profit, bolstered by robust growth in its wearables and services segments. Mac sales climbed to a record high amid continued work-from-home activity. iPad sales also surprised to the upside.

But iPhone revenue missed the mark. Apple’s new 5G-capable lineup hit shelves roughly one month later than usual, ensuring that iPhone 12 sales will first show up in its next quarterly report.

The stock’s tumble meant that as much as $111 billion was erased from Apple’s market cap at intraday lows.

Here are the key numbers:

• Revenue: $64.7 billion, versus the $63.5 billion estimate from analysts surveyed by Bloomberg
• Earnings per share: $0.73, versus the $0.70 estimate
• iPhone revenue: $26.4 billion, versus the $27.1 billion estimate

Read more: Steven Pesavento quit his 9-to-5 career to pursue real-estate investing full time. Here's how he went from a no-experience tech-head to having flipped over 200 properties in a few years' time.

Executives' commentary on current-quarter sales also left investors wanting. Apple stopped short of providing official forward guidance, instead offering vague hints at iPhone strength through the end of the year.

Luca Maestri, the company's chief financial officer, said iPhone 12 and iPhone 12 Pro sales were "off to a great start." Apple CEO Tim Cook said sales had been "tremendously positive" despite the COVID-19 pandemic's lasting effects.

Apple added that it expected phone revenue to grow in the December quarter should the pandemic's economic impact stay the same. The lack of forward guidance marks the third straight quarter Apple refrained from providing official forecasts because of the pandemic.

Apple closed at $115.32 per share on Thursday, up about 58% year-to-date. The company has 77 "buy" ratings, 20 "hold" ratings, and three "sell" ratings from analysts.

Now read more markets coverage from Markets Insider and Business Insider:

Goldman Sachs shares 10 high-growth stocks it newly recommends buying as investors reward companies that channel cash to grow their businesses in 2021

Ant's record-breaking IPO attracts $3 trillion in retail-investor bids

Morgan Stanley details 3 trades set to outperform as investors grow more comfortable with a Democratic sweep