Update: Apple stock plunges 12% Shares of Apple (AAPL, Fortune 500) plunged more than 12%, as investors grew skeptical about the iPhone maker's growth prospects. Despite reporting a record quarterly profit, Apple's forecasts showed signs of slowing consumer demand for its products, particularly its iPhones
Apple reported quarterly earnings Wednesday of $13.1 billion, but sales of its iPhone came in slightly lower than expected, generating $54.5 billion in revenue.
Since the debut of the highly anticipated iPhone 5 in September, the company has lost an estimated $178 billion but it still remains the most valuable company in the world.
Shares were down as much as 10 percent in after hours trading leading many to question whether the company can continue its upward trajectory without its pioneering leader, Steve Jobs?
Robert Cringely is a tech blogger who worked for Steve Jobs during Apple's earliest days and he is Outfront.