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Following earnings decline, AAPL opens down 8%, market cap shrinks by $40 billion

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<p>Following Apple’s earnings results last night (http://9to5mac.com/2016/04/26/apple-earnings-fy16-q2/), where it posted its first YOY quarterly revenue decline since 2003, AAPL has opened down more than 8% — the stock price is far below the $100 mark as morning trading begins. Apple reported revenue of $50 billion (compared against $58 billion in the year-ago quarter), on sales of 51.1 million iPhones, 10.2 million iPads and 4 million Macs.</p>
<p>The stock price fall means over 40 billion dollars of market cap value has been erased overnight. Market capitalization is the approximate value of the company, a multiple of the stock price and number of shares. The stock closed yesterday at $104.</p>
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