It hasn’t been a good week for Apple. In fact, it hasn’t been a good quarter for the iPad maker. In January the company’s CEO, Tim Cook, announced record revenue for the first quarter of 2013 for Apple. Only three months later, analysts are reducing their estimates for second quarter profits as shares of Apple stock continue to drop. This morning, AAPL opened at only $393, the lowest it has been since December 2011 and $10 lower than it was five days ago.
According to Bloomberg, 14 analysts have reduced their estimate for Apple in the past four weeks due to a decline in stock prices, lower profit margins of devices, and increasing competition from tech companies like Samsung.