Apple And Google Shares Go Down By $53 Billion

The world's top tech companies saw in just a matter of days their stocks depreciating by a few per cent. Apple hit a new record price per share last week with $644 and since then, the price per share has dropped to $585.7.

Google also suffered as the company in a week lost seven per cent in their stock value. Previously, both companies have enjoyed a sustained growth. Google announced a 61 per cent increase of its profits in the first quarter of this year and the company grew by 15 per cent in 12 months.

For Apple, the situation was even sweeter as the stocks were skyrocketing in the space of a year, with the company reaching a market capitalisation of $600 billion.

However, their success is taking a much slower pace as investors' enthusiasm has started to cool off. Apple seems to be "collapsing a little under its own weight" says Brian Marshall, analyst at International Strategy and Investment Group.

One of the reasons could be Apple's fray with the US Department of Justice over e-book pricing and the rumours about the iPad discounting strategy.

"The vertical ascent of Apple has been Herculean so it makes sense to have a pause for thought. People with itchy trigger fingers shoot first and ask questions later," pointed out Brian Marshall.

Source: Telegraph